Drink deal hopes for Irish firms with Harris confident of ‘space for engagement' between EU & US as 15% tariffs kick in
BEVIES LEVY Drink deal hopes for Irish firms with Harris confident of 'space for engagement' between EU & US as 15% tariffs kick in
SIMON Harris is hopeful that a deal can be struck with the US to put tariffs on ice for Irish booze companies as Donald Trump's new trade taxes finally kicked in today.
Companies across the globe that are importing goods into the US started paying new tariff rates today with the level of tax ranging hugely.
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Donald Trump's new trade taxes kicked in today
Credit: Alamy
Irish and other EU-based companies are paying 15 per cent tariffs thanks to a deal struck between Trump and European Commission President Ursula von der Leyen.
The rates change from country to country, with Mexico paying 25 per cent, China 30 per cent, Canada 35 per cent and 50 per cent for India and Brazil.
The UK, Australia, Colombia, Chile and Singapore are all paying lower tariffs than the EU after securing 10 per cent deals.
Despite the new trade order kicking in today, there is still huge uncertainty on how much companies in some key Irish sectors like pharma or alcohol will have to pay into the future.
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Talks are ongoing between the US and the EU on specific sectoral carve outs where companies will be exempt from tariffs.
This has been agreed for the aviation sector and the med-tech sector but Tanaiste Simon Harris has urged the EU to push for the booze industry to be exempt as well.
This would see Irish whiskey and gin brands saved from tariffs which could make it very difficult for them to sell their products Stateside.
Minister Harris said: 'There will be space for engagement between the US and the European Union in relation to that, and I've highlighted to the European Commission how important that is to Ireland, and indeed to many drink suppliers right across our country, but also not just in Ireland.'
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A joint statement from the US and EU was expected to be released before the tariffs kicked in with the Tanaiste claiming it was 'quite peculiar' that it hasn't been published already.
He expects this statement on the EU-US tariff agreement to be published at some point next week.
'Trump's new tariffs are outrageous', slams EU lawmaker after Don slaps 30% on Brussels & it readies to fight back
One key area for Ireland that is still uncertain is the pharma sector.
Donald Trump wants pharmaceutical companies to start making their drugs in the US and has specifically mentioned Ireland as he threatens heavy taxes on companies that export medicines to the States.
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Tanaiste Simon Harris said that the 15 per cent tariff agreement covers the pharma sector and warned that higher taxes on medicines will disrupt the global supply chains.
He said: 'What they have said in the framework agreement is that tariffs on pharma with the EU would be no higher than 15 per cent but again that's not the full story because the pharma sector operates on a global market.
'If he starts putting much larger tariffs on other parts of the world what impact does that have on global supply chains?
"So there is a very significant way to go in this is the honest answer.'
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