Deirdre Barnicle, Partner, McCann FitzGerald: Since the February ruling of the US Supreme Court, which declared Trump’s “liberation day” tariffs to be unconstitutional, European companies have begun the process to seek rebates on tariff costs incurred. Meanwhile, the White House Administration swiftly imposed a new blanket levy that was also held to be unlawful by the US Court of International Trade (a specialised federal court in New York). What emerges as evident from the chaos, is that external market uncertainty will remain a prominent feature for businesses trading with the US, as long as the strategy of US protectionism is pursued.

Brexit has given Ireland experience in the crossfire of trade disputes. A key learning from that period is that internal hesitancy in response to or anticipation of external threats, may harm businesses as much as any tariff itself. Proactivity is needed to mitigate this internal uncertainty as soon as possible. Businesses need to conduct scenario modelling to understand where their dependencies are and insulate themselves from any unpredicted changes by diversifying their supply chain where possible. Where exposure exists, companies should be cognisant of the cash flow pressure that often accompany tariffs due to the delays and unexpected nature of the costs.

This article appeared in the May 2026 edition of the Irish Tax Monitor.