US election: Tariffs and corporation tax are key areas to watch when calculating risk to Irish economy of Republican presidential victory
Donald Trump speaks during a US election night event at the Palm Beach County Convention Centre. Photograph: Doug Mills/The New York TimesCalculating how serious these are is complicated by trying to judge what Trump might actually do – as opposed to what he said he would do. And what he might be able to do, given in particular the constraints posed by the
Blacks, Latinos, women, teens and even Canadians for Trump will their candidate home at Palm Beach party The US is a big trading partner for Ireland and a key exposure here is the huge exports of US pharma companies from Irish subsidiaries back to the American market. Were these to be subject to tariffs, it would hit these companies and could limit further investment here. So it will be important whether Trump delivers on his tariff threats and if he does what the details are. There will obviously be huge lobbying from US businesses to minimise threats, so we will have to wait and see.
Central to the big tax payments by US firms here has been the movement of what is called intellectual property to Ireland – the copyrights, licenses and trademarks underlying the international sales of products like the iPhone or big-selling pharma drugs. This allows the firms to move significant amounts of international revenue through Ireland, on which this country gets a slice of tax.
Either way, Trump as president will champion nationalism and aggressive use of economic advantage – already a trend internationally as the long move to globalisation takes a backward step.
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