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Irish Times
2 days ago
- Business
- Irish Times
Irish exporters ‘told to shut their mouths' over Trump tariffs
'Loose lips sink ships,' was the wartime American propaganda line that urged its citizens to keep their mouths shut. In Ireland, despite a framework trade agreement between the European Union and the United States, it is the sort of advice being given to numerous organisations and businesses as the 15 per cent tariff took effect at midnight on Thursday. 'Not in a position to comment,' says Bord Bia . 'Unlikely to comment,' says C&C . READ MORE 'Closed this week for our annual holidays,' says Monaghan forklift manufacturing outfit Combilift . Representative bodies and many exporters are choosing to keep their heads down. Nervousness and confusion pervades, in particular, the dairy industry. 'The American lads [dairy lobbyists] are giving off stink about the dairy tariff [15 per cent], and people here are very worried about the butter situation,' says one industry expert. 'Sure, Trump could still tear it all up – and you just don't know who or what he'd be reading. People are being told to shut their mouths and say nothing.' [ How the EU's 'lopsided' US trade deal was done Opens in new window ] There was a measure of relief for Ireland's dairy exporters last Friday at the Government's trade forum in Dublin. Tánaiste Simon Harris said it was his understanding that the 15 per cent rate applied to Irish butter was a firm 'ceiling' – unlike, he said, the British deal of 10 per cent. The implication, said Harris, was that Irish farmers would be better off than British ones. 'They are not sure,' says the expert. 'There is no legal agreement yet – they are working on supposition.' Until that moment arrives, many within the dairy industry are choosing to stay quiet. On the face of it, the deal isn't a terrible one and, in fact, appears to be marginally better than the status quo. Combined with the fact that, one of Ireland's main agricultural competitors, New Zealand, has also been landed with a 15 per cent tariff rate means things could have been worse. Kerrygold – the premium butter brand owned by Ornua – is the second-largest seller in the US market. It has seen wild swings in the tariffs it pays over the past six years. During his first presidency in 2019, Trump levied 25 per cent against EU dairy exports as part of the Boeing/Airbus dispute. This was lumped on top of the existing 16 per cent rate Kerrygold was already paying. The arrival into the White House of Joe Biden in 2021, saw a return to the status quo. An examination of Irish dairy exports to the US shows that they actually increased during this first tariff spat. Bord Bia figures suggest their value increased by more than 5 per cent in 2020. This could imply a certain resilience – and that US consumers are prepared to absorb extra costs to obtain what is marketed as a premium product. Fast forward to Trump's second spin in the White House – and Kerrygold ended up facing a 26 per cent tariff for much of this year. Before Trump's ' liberation day ' announcement on April 2nd it was tariffed at the standard 16 per cent – but the US president then 'stacked' an additional 10 per cent on top while negotiations commenced with Brussels. The 15 per cent flat rate contained in the framework agreement of last month – means Irish dairy exporters should, in theory, pay a lower levy and make a small gain. 'This 15 per cent is a clear ceiling,' European Commission president Ursula von der Leyen said. 'No stacking. All-inclusive.' This means dairy products go from that temporary 26 per cent reciprocal rate – down to 15 per cent – an improvement on the old 16 per cent. Back in April, Ornua boss Conor Galvin said the additional 10 per cent would equate to a €50 million hit over the course of a year. With that now apparently a thing of the past, the implications for Kerrygold's pricing in the US will now be interesting. As will the reaction from US producers and suppliers. We're glad to see the president insist that things need to change and are hopeful that the reciprocal framework process will yield meaningful policy shifts by the EU — Shawna Morris of the National Milk Producers Federation in the US The National Milk Producers Federation (NMPF) in the US is not entirely happy with the deal. 'Frankly, the EU has gotten off light in this arrangement and should count its blessings,' says Shawna Morris, its executive vice-president for trade, policy and global affairs. She is highly critical of the quotas secured by the European Union when the World Trade Organisation was formed in 1995 – saying EU exporters have the sort of the access to the US consumer that her organisation's members still do not have in the EU marketplace. This, she says, along with nontariff barriers, means 'we're not just on an uneven playing field – we're playing in two entirely different stadiums'. Shawna Morris of the National Milk Producers Federation in the US 'Our focus is not on blocking others' products, whether that's Irish butter or German cheeses; rather, it's on how to create fair opportunities for our own exports. For decades, the EU has brushed off US dairy and other agriculture concerns – and no one has really challenged them on that'. The federation's chief executive, Gregg Doud, who was Trump's chief agricultural negotiator during his first term, is known to be angry with the rate applied to European butter exports. In April, when Trump briefly threatened a 20 per cent tariff, Doud described the prospect as 'a bargain for the EU considering the highly restrictive tariff and nontariff barriers the EU imposes on our dairy exporters'. The federation makes repeated reference to a '$3 billion dairy trade deficit' with the EU. Organisations including the federation are thought to be lobbying their contacts in the White House hard over the framework deal. Given the US president's mercurial nature – fears persist in Ireland that he can still be swayed. Morris alludes to the possibility that this might only be the starting gun in a process that sees US dairy exporters expand into the EU. 'The administration's use of tariffs to drive the EU to the table is what has finally cracked the door on that possibility. We're glad to see the president insist that things need to change and are hopeful that the reciprocal framework process will ultimately yield meaningful policy shifts by the EU.' [ How the EU succumbed to Trump's tariff steamroller Opens in new window ] While the vast bulk of Irish food exports are in dairy – and that is where much of the focus will be – American importers believe the agreement with the EU could work to the benefit of beef exporters. One of those is Justin Marx, who runs Marx Foods out of Seattle. The company works with the ABP Food Group from which it imports beef. 'As it stands now, Trump's trade war is good for the Irish beef sector,' he says. 'Brazil is facing a 50 per cent tariff, which means that it won't consume the 'other country' quota so quickly next year – and Ireland will have decent market access at 15 per cent, which will be manageable enough for certain cuts [of beef].' While the framework deal may have its advantages, he says, it could well change very quickly. 'Things are changing constantly. Our intent is to continue with the same quantities, work harder and keep the volumes flowing even though the tariffs put us under enormous pressure. 'We have to buy a couple months ahead, so it is something of a leap of faith with every order as two months is an eternity with this level of volatility. 'In general, trading is much more difficult because of the uncertainty. We are accustomed to making decisions with imperfect information, but the volatility and unpredictability are stifling. 'The only thing we know with certainty is that conditions will continuously change for the next 3½ years.' The past few days have been instructive. [ What do Trump's latest pharma threats mean for Ireland? Opens in new window ] Although the EU has held the line that the 15 per cent ceiling will apply to all exports, including pharma, the US president has been busy pushing back. Pharmaceutical tariffs could rise as high as 250 per cent, he has claimed. At the same time confusion reigns around semiconductors. Trump says a 100 per cent tariff will be applied to all imported computer chips – but there will be exemptions for companies who have some sort of US manufacturing presence. Apple has been scrambling to assuage the White House. On Thursday it announced a new $100 billion 'commitment to America', which it said was a significant acceleration of its US investment that now totals $600 billion over the next four years. Apple's announcement includes an 'ambitious' American manufacturing programme, 'dedicated to bringing even more of Apple's supply chain and advanced manufacturing to the US', it said. [ Donald Trump says he plans to put a 100% tariff on computer chips Opens in new window ] The conclusion of the Section 232 investigations into computer chips and pharmaceuticals is expected imminently. These allow for certain imports to be scrutinised on the basis that they might present a national security threat. Trump is expected to use their findings to justify ending the zero-rate tariff that currently applies to pharmaceutical products, which is a key export for Ireland. However, even in the interim, there is no certainty about which rates apply to those products when they enter the US. Carol Lynch, a tax partner at BDO in Dublin, says the official explanations from the EU and the US do not match up. 'If you look at the explanation from the EU – it says up until the results of the Section 232 investigations, you are going to have the zero per cent rate applied to those imports and then a maximum of 15 per cent – but in the US explanation it says the EU will pay the US a tariff rate of 15 per cent, including on pharma,' she says. 'It is not clear between the EU and US statements what was actually agreed. The EU seems to have thought the rate remains zero for now and then a cap of 15 per cent under the S232 investigations. However, this again seems to be uncertain after the announcements during the week'. It is more than a little head-spinning. Observers have speculated that Trump's recent comments on pharma suggest that 15 per cent will be applied to pharmaceuticals sent from Ireland initially – but that the rate will rise significantly if Trump perceives that prices for US consumers are not coming down, or that manufacturers are failing to reorient production towards the US. Lynch says, regardless of the uncertainty in the computing and pharma industries, many businesses will strive to get back to normality over the coming weeks. 'Businesses have to move on – I would expect a strong September. People will go back to making their plans on a long-term basis. 'That planning is a lot more complicated, however – the world has completely changed. It has gone from one of free trade to a much more restricted and protected environment. You are not only looking at financial decisions – you are having to take in geopolitical concerns, too.'
Mid East Info
14-04-2025
- Business
- Mid East Info
Kanoo Machinery powers Saudi Arabia's F&B Sector with Advanced Industrial Solutions at SaudiFood Manufacturing 2025
Riyadh, Saudi Arabia, April 14th: Kanoo Machinery, a leading provider of industrial and construction equipment in the GCC, has announced its participation in SaudiFood Manufacturing 2025, a premier trade exhibition for the Kingdom's food and beverage (F&B) processing industry. Taking place between April 13 and 15, 2025, at the Riyadh Front Exhibition & Conference Centre, the exhibition returns for its second edition after a successful debut last year. As Saudi Arabia advances its food security initiatives under Saudi Vision 2030, several significant developments are set to transform the Kingdom's food and beverage (F&B) sector. Notably, the unveiling of the world's largest food park in Jeddah, which aims to attract $5.3 billion in investments, creating approximately 43,000 jobs by 2035. Ambitious projects such as these, underscore the Kingdom's commitment to evolving into a global hub for food production and distribution. Kanoo Machinery is firmly positioned to support these transformative initiatives with its future-ready engine & power, material handling, compressors and warehousing solutions – critical for streamlining food production and logistics. From state-of-the-art refrigeration and storage systems to advanced lifting and packaging equipment, Kanoo Machinery provides core solutions required for F&B facilities, ensuring efficient operations and compliance with food safety regulations. This year at SaudiFood Manufacturing, Kanoo Machinery will showcase its portfolio of specialized equipment alongside its key principals, including Combilift, Hyster, Snorkel, Perkins, and Kaishan focusing on innovation and collaboration within the F&B sector. The company's solutions cater to the entire food production value chain, aligning with Saudi Arabia's vision of a self-sufficient and resilient food manufacturing ecosystem. Ali Abdulla Kanoo, Deputy Chairman, Yusuf Bin Ahmed Kanoo and President of Kanoo Industrial & Energy, said, 'Kanoo Machinery has long supported Saudi Arabia's industrial evolution with dependable, high-performance machinery. Our presence at SaudiFood Manufacturing 2025 reaffirms our dedication to empowering the F&B sector with reliable equipment solutions that drive efficiency and growth. This is where our legacy of engineering excellence meets the future needs of a growing industry.' Fahad Kanoo, Deputy Chairman of Kanoo Industrial & Energy, added, 'SaudiFood Manufacturing 2025 offers a powerful platform to engage with sector stakeholders and spotlight how industrial machinery is reshaping the future of food production in the region. At this year's exhibition, Kanoo Machinery will showcase its capabilities to serve the sector with our portfolio of innovative solutions that bring tangible value and support Saudi Arabia's food security goals.' Manoj Tripathy, CEO of Kanoo Industrial & Energy, commented, 'Kanoo Machinery stands ready with world-class technologies, quality service, and Saudi-specific expertise to help businesses scale efficiently while maintaining the highest standards of productivity and industrial performance. Our participation highlights our strategic intent to be an end-to-end partner in operational success for food manufacturers across the Kingdom.' With a keen focus on customer service excellence, Kanoo Machinery provides comprehensive after-market support, technical assistance, and customized operational solutions to cater to various industrial sectors, including food processing and manufacturing. With over 550 exhibitors from 70+ countries, the Saudi Food Manufacturing Exhibition 2025 will allow visitors to explore the latest advancements in industrial equipment, engage with industry experts, and discover how Kanoo Machinery is shaping the food manufacturing sector with its future-ready offerings.
Arab News
12-04-2025
- Business
- Arab News
Kanoo Machinery powers Saudi Arabia's F&B sector
Kanoo Machinery, a provider of industrial and construction equipment in the GCC, is participating in SaudiFood Manufacturing 2025, a premier trade exhibition for the Kingdom's food and beverage processing industry. Taking place between April 13 and 15, at the Riyadh Front Exhibition and Conference Center, the exhibition is returning for its second edition after a successful debut last year. As Saudi Arabia advances its food security initiatives under Saudi Vision 2030, several significant developments are set to transform the Kingdom's F&B sector — notably, the unveiling of the world's largest food park in Jeddah, which aims to attract $5.3 billion in investments, creating approximately 43,000 jobs by 2035. Ambitious projects such as these, underscore the Kingdom's commitment to evolving into a global hub for food production and distribution. Kanoo Machinery is firmly positioned to support these transformative initiatives with its future-ready engine and power, material handling, compressors and warehousing solutions — critical for streamlining food production and logistics. From state-of-the-art refrigeration and storage systems to advanced lifting and packaging equipment, Kanoo Machinery provides core solutions required for F&B facilities, ensuring efficient operations and compliance with food safety regulations. This year at SaudiFood Manufacturing, Kanoo Machinery will showcase its portfolio of specialized equipment alongside its key principals, including Combilift, Hyster, Snorkel, Perkins, and Kaishan focusing on innovation and collaboration within the F&B sector. Ali Abdulla Kanoo, deputy chairman, Yusuf bin Ahmed Kanoo and president of Kanoo Industrial and Energy, said: 'Kanoo Machinery has long supported Saudi Arabia's industrial evolution with dependable, high-performance machinery. Our presence at SaudiFood Manufacturing 2025 reaffirms our dedication to empowering the F&B sector with reliable equipment solutions that drive efficiency and growth. This is where our legacy of engineering excellence meets the future needs of a growing industry.' Fahad Kanoo, deputy chairman of Kanoo Industrial and Energy, added: 'SaudiFood Manufacturing 2025 offers a powerful platform to engage with sector stakeholders and spotlight how industrial machinery is reshaping the future of food production in the region.' At this year's exhibition, Kanoo Machinery will showcase its capabilities to serve the sector with our portfolio of innovative solutions that bring tangible value and support Saudi Arabia's food security goals.' Manoj Tripathy, CEO of Kanoo Industrial and Energy, said: 'Kanoo Machinery stands ready with world-class technologies, quality service, and Saudi-specific expertise to help businesses scale efficiently while maintaining the highest standards of productivity and industrial performance. Our participation highlights our strategic intent to be an end-to-end partner in operational success for food manufacturers across the Kingdom.' With over 550 exhibitors from 70+ countries, the Saudi Food Manufacturing Exhibition 2025 will allow visitors to explore the latest advancements in industrial equipment shaping the food manufacturing sector.
Yahoo
01-04-2025
- Business
- Yahoo
Trump tariffs: Ireland expected to be among hardest hit
Ireland is expected to be one of the most affected countries when President Trump announces a new round of tariffs later this week. EU goods are expected to face a tariff of about 20% when entering the United States. Among EU countries, Ireland is the most reliant on the US as an export market. In 2024, Irish goods exports to the US were worth €73bn (£61bn), almost a third of the country's total exports. Tariffs are effectively taxes applied to goods imported from other countries. Governments impose tariffs in the hope of protecting local manufacturers from international competition. The Taoiseach (Irish Prime Minister) Micheál Martin said on Monday that increased US tariffs were "a very grave and serious threat". Analysis co-authored by Ireland's Department of Finance and the ESRI think tank suggested the tariffs could cost Ireland more than €18bn (£15bn) in lost trade. It also warned that a prolonged trade war between the EU and US would pose a risk to Ireland's public finances. The level of concern in Ireland as the tariff's announcement draws closer can be gauged by the level of public interest in the issue. Many Irish towns and cities have enjoyed the benefits of a US business presence for decades, while the workers who are employed in these big businesses travel to the plants from all over Ireland, meaning that the impact of any tariffs could reach into countless communities all over the country. Monaghan-based manufacturer Combilift makes about a quarter of its sales in the US market where it also employs 50 people. The company's co-founder and managing director Martin McVicar visited Chicago in March to brief his US customers. He told them he will freeze the dollar price of all Combilift products this year to give them some certainty about import costs. "We've given our customers certainty on what their costs will be in US dollars for products delivered to the port in the US. "At least they can try to plan their business around that at this stage." Mr McVicar remains bullish about the US market as he sees their products as helping customers run their businesses more efficiently. Combilift makes forklifts which can operate in very tight spaces which allow companies to store more in their warehouses. "We're enabling customers to expand without having to relocate and we're adamant that should outweigh the impact of a tariff," he said. Ireland's biggest export sector is pharmaceuticals: the country is a major manufacturing hub for US companies like Pfizer and Eli Lilly. In 2024 overall exports of medical and pharmaceutical products rose by €22.4bn (£18.8bn) or 29% to just under €100bn (£83.7bn). These products accounted for 45% of all Irish goods exports. Trump has repeatedly expressed his unhappiness at the scale of US pharma manufacturing in Ireland. Last month he said: "All of a sudden Ireland has our pharmaceutical companies, this beautiful island of five million people has got the entire US pharmaceutical industry in its grasp." Trump has also talked about imposing specific tariffs on pharma, as he has done for imports of cars. However that is not expected to form part of this immediate round of tariffs. Analysis: John Campbell, BBC News NI economics and business editor Ireland has been one of the winners of globalisation - that long process which has made it easier for people, goods and money to flow around the world. Reforms to global tax rules over the last decade have been particularly beneficial. That has led to major international pharmaceutical and technology companies paying a large chunk of their taxes in Ireland. So much money has flowed in that the government has been able to set up a national wealth fund. Donald Trump's deglobalising instincts are a clear threat to that prosperity. Dan O'Brien, chief economist of the Institute of International and European Affairs, believes the Irish economy could be exposed because of the success of the pharmaceutical sector there. "The republic is the single biggest exporter of pharmaceuticals to the United States. With a population of just over five million that makes it a bigger exporter than even the likes of traditional powerhouses like Germany and Switzerland," he said. Mr O'Brien added the potential impact of the tariffs on Ireland could have parallels with the country's economic crash in 2008. "Then there was a financial crisis, it was immediate, it was like the wind blew the roof off the house," he said. "In this case it's more like a more gradual erosion of the foundations, which obviously is very important for any structure." Irish finance minister delivers warning over US tariffs Irish goods exports to US surge by 34% Trump targets Irish pharmaceutical industry for US tariffs If the people of the country were not quite sure what the implication of the changes might be, the Irish government has left them in no doubt in recent weeks. In a sobering analysis, the Minister for Finance, Pascal Donohoe, who is renowned for his cautious style of commentary around economic matters, outlined the possible outcome for Ireland in the worst-case scenario. The minister, who is also president of the Eurogroup of Finance Ministers, said: "It is very possible that between 50,000 and 80,000 jobs that would have been created or kept within the economy won't be." This sobering analysis has been accompanied by transatlantic and EU diplomatic discussions involving the Taoiseach Micheál Martin, and the Tánaiste (deputy PM) and Minister for Foreign Affairs, Simon Harris. What are tariffs and why is Trump using them? US tariffs 'potentially devastating' for Irish whiskey Threat of US tariffs spells uncertainty for NI businesses The scale of Ireland's dependency on foreign direction investment involving the US has been explained by Ireland's Industrial Development Authority (IDA). An IDA spokesperson told BBC News NI: "IDA Ireland partners with more than 1,800 FDI client companies, 766 of which are US companies that directly employ over 210,000 people and indirectly support an additional 166,000 jobs. "Conversely, Ireland is the sixth largest source of foreign direct investment into the US, with investment by Irish companies in 2023 worth $351bn (£272bn). "More than 200,000 people are employed by 770 Irish companies across all 50 States."
BBC News
31-03-2025
- Business
- BBC News
Trump tariffs: Ireland expected to be among hardest hit countries
Ireland is expected to be one of the most affected countries when President Trump announces a new round of tariffs later this goods are expected to face a tariff of about 20% when entering the United EU countries, Ireland is the most reliant on the US as an export 2024, Irish goods exports to the US were worth €73bn (£61bn), almost a third of the country's total exports. Tariffs are effectively taxes applied to goods imported from other impose tariffs in the hope of protecting local manufacturers from international Taoiseach (Irish Prime Minister) Micheál Martin said on Monday that increased US tariffs were "a very grave and serious threat".Analysis co-authored by Ireland's Department of Finance and the ESRI think tank suggested the tariffs could cost Ireland more than €18bn (£15bn) in lost also warned that a prolonged trade war between the EU and US would pose a risk to Ireland's public finances. Business impact of US tariffs The level of concern in Ireland as the tariff's announcement draws closer can be gauged by the level of public interest in the Irish towns and cities have enjoyed the benefits of a US business presence for decades, while the workers who are employed in these big businesses travel to the plants from all over Ireland, meaning that the impact of any tariffs could reach into countless communities all over the country. Monaghan-based manufacturer Combilift makes about a quarter of its sales in the US market where it also employs 50 company's co-founder and managing director Martin McVicar visited Chicago in March to brief his US told them he will freeze the dollar of price of all Combilift products this year to give them some certainty about import costs."We've given our customers certainty on what their costs will be in US dollars for products delivered to the port in the US."At least they can try to plan their business around that at this stage." Mr McVicar remains bullish about the US market as he sees their products as helping customers run their businesses more makes forklifts which can operate in very tight spaces which allow companies to store more in their warehouses."We're enabling customers to expand without having to relocate and we're adamant that should outweigh the impact of a tariff," he said. Pharmaceutical exports Ireland's biggest export sector is pharmaceuticals: the country is a major manufacturing hub for US companies like Pfizer and Eli 2024 overall exports of medical and pharmaceutical products rose by €22.4bn (£18.8bn) or 29% to just under €100bn (£83.7bn).These products accounted for 45% of all Irish goods has repeatedly expressed his unhappiness at the scale of US pharma manufacturing in month he said: "All of a sudden Ireland has our pharmaceutical companies, this beautiful island of five million people has got the entire US pharmaceutical industry in its grasp."Trump has also talked about imposing specific tariffs on pharma, as he has done for imports of that is not expected to form part of this immediate round of tariffs. Dan O'Brien, chief economist of the Institute of International and European Affairs, believes the Irish economy could be exposed because of the success of the pharmaceutical sector here."The Republic is the single biggest exporter of pharmaceuticals to the United States. With a population of just over five million that makes it a bigger exporter than even the likes of traditional powerhouses like Germany and Switzerland," he O'Brien added the potential impact of the tariffs on Ireland could have parallels with the country's economic crash in 2008."Then there was a financial crisis, it was immediate, it was like the wind blew the roof off the house," he said. "In this case its more like a more gradual erosion of the foundations, which obviously is very important for any structure." If the people of the country were not quite sure what the implication of the changes might be, the Irish government has left them in no doubt in recent a sobering analysis, the Minister for Finance, Pascal Donohoe, who is renowned for his cautious style of commentary around economic matters, outlined the possible outcome for Ireland in the worst-case minister, who is also president of the Eurogroup of Finance Ministers, said: "It is very possible that between 50,000 and 80,000 jobs that would have been created or kept within the economy won't be."This sobering analysis has been accompanied by transatlantic and EU diplomatic discussions involving the Taoiseach Micheál Martin, and the Tánaiste (deputy PM) and Minister for Foreign Affairs, Simon Harris. The scale of Ireland's dependency on foreign direction investment involving the US has been explained by Ireland's Industrial Development Authority (IDA).An IDA spokesperson told BBC News NI: "IDA Ireland partners with more than 1,800 FDI client companies, 766 of which are US companies that directly employ over 210,000 people and indirectly support an additional 166,000 jobs."Conversely, Ireland is the sixth largest source of foreign direct investment into the US, with investment by Irish companies in 2023 worth $351bn (£272bn). "More than 200,000 people are employed by 770 Irish companies across all 50 States."
