Irish Finance Minister Jack Chambers expresses concern about the potential impact of the new Trump administration on Ireland's economy, particularly in relation to foreign direct investment from US multinationals. He urges for constructive engagement between the EU and the US to prevent a trade war.
Irish officials are concerned that the new Trump administration will target Ireland as it is seen as a major beneficiary of foreign direct investment from US multinationals in the tech and pharmaceutical sector. During his campaign, Trump and his economic advisors spoke about plans to rebalance the world economic order, bringing jobs created by US companies overseas back to the US.
The incoming administration has warned it will introduce sweeping tariffs on goods imported into the US from elsewhere, as well as cut corporation taxes.Minister for Finance Jack Chambers expressed hope that both the US and the European Union will avoid a trade war and a cycle of retaliatory measures. He warned that protectionist shifts from both sides, which would involve hiking tariffs on imports from each other, would place significant costs and burdens on ordinary people in the US and Europe. Chambers acknowledged that multinational companies based in Ireland often take a longer-term view than the four-year cycles of US presidential administrations. However, he stated that if intellectual property is moved from Ireland back to the US, it could have consequences for the amount of corporation tax paid in Ireland.He explained that Ireland's corporation tax receipts are vulnerable due to a small concentration of large multinationals accounting for significant portions of the total amount of corporation tax paid. Chambers emphasized the need for the incoming Irish government to be flexible and agile in adapting to a more uncertain international environment. He advocated for early and constructive engagement between the EU and the new Trump administration to prevent escalating trade tensions. Chambers stressed Ireland's commitment to free trade and international trade, viewing it as a core European value that benefits all citizens across the European Union
TRADE WAR TRUMP ADMINISTRATION IRELAND EU CORPORATION TAX FOREIGN DIRECT INVESTMENT
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