The Irish trade surplus with the US amounts to an enormous €35 billion so far this year
There were warnings of the risks facing the economy provided to the Cabinet on Wednesday, notably from the election of Donald Trump as US president. Photograph: Brandon Bell/Pool via APThat this followed a couple of weeks of party political promises and an election row over who can be trusted with the exchequer finances is surely noteworthy, too, in terms of the timing of all this.We know what Donald Trump has threated to do and can guess at the wider consequences.
Those making the case for tariffs argue that the cash raised could be used to cut taxes on business and consumers, but it is unclear what way Trump will move. The final constraint will be lobbying from big business and the impact on Trump and on Congress. The president has some powers to impose tariffs by executive order but might need Congressional approval for more far-reaching blanket tariff plans.
Ireland also exports food, drink and other manufactured goods to the US and these would all be vulnerable to blanket tariffs.this week, Carol Lynch, partner in charge of customs and trade at BDO, said that Irish companies were already scenario planning on the potential consequences, though she said what would actually happen remains unclear.
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