How a US-imposed tariff on Irish pharma exports might work - a theoretical risk analysis, and action plan
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There are potential risks to Irish corporate tax revenues from US statements about tariffs and a 15% US corporation tax rate - examined in the November issue of Finance Dublin but, as we comment, positive and enlightened engagement on the part of the new Irish Government, and “Ireland Inc”, can turn perceived difficulty in effect into opportunity.
A quotation attributed to one time US Trade Secretary Wilbur Ross about tariffs, a first term President Trump Cabinet-appointee (see the November issue) provides an insight as to the possible strategy ‘Ireland Inc’, and the incoming Government should follow in engaging with the new US Administration on trade matters coming up. Carol Lynch, Partner, Customs and International Trade, BDO comments, and provides a risk analysis for potentially affected Irish companies.
As the new trade statistics issued for October 2024 trade show, Ireland’s trade with the US is continually growing. Exports in the first 10 months were 30% higher than the same period in 2023 and reach almost €60bn. In October 30% of all Ireland’s exports were to the US.

Within this Ireland’s key exports are in the chemical and pharmaceuticals area by a long shot at around 80%.

Within the EU, Ireland is the most dependent ....

 

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December 2024 Issue of Finance Dublin

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Carol Lynch is partner, Customs and International Trade, at BDO.
This article appeared in the December 2024 edition.