Latest news with #GlobalIrelandSummit
Irish Examiner
07-05-2025
- Business
- Irish Examiner
Trump's tariffs could cost 25,000 Irish jobs and slow economic growth, report says
Some 25,000 jobs are at risk over the coming 12 months if Donald Trump retains 10% tariffs on European products, the Department of Finance has warned. Taoiseach Micheál Martin has said that even if current issues and differences in approach to global trade are resolved, there will not be a return to the status quo. Finance Minister Paschal Donohoe said "we are in a time of immense uncertainty" signalling that the scenario outlined by officials in his Department is not worst case as it does not take account of any tariffs that could be imposed on Ireland's critical pharmaceutical sector or the latest announcement around tariffs on the film industry. Growth in the domestic Irish economy is expected to slow significantly by the end of 2026 based on a presumption that the 10% tariff regime imposed on the EU by the US president continues. The analysis shows that modified domestic demand (MDD) - the preferred measure of the economy that strips out the activity of multinationals and airplane leasing companies - was expected to grow by 2.5% this year and 2.8% next year before the tariffs were implemented. This has now been downgraded to just 2% growth this year and by 1% next year. Minister for for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation, Jack Chambers TD and Minister for Finance: Paschal Donohoe TD speaking at the announcement of the Exchequer Q1 Results at the Department of Finance. Picture: SAM BOAL/Collins Photos This analysis is based on the US retaining its 10% baseline tariff on all imports into the country. However, this 10% rate is due to expire in July, at which point the EU tariff could go back up to 20%. The analysis does not account for the tariff rate going higher than 10%, or specific tariffs on pharmaceuticals and semiconductors, or the potential for retaliatory tariffs by the EU on US imports. Any unforeseen changes in these areas could also impact domestic economic growth. Speaking at the Global Ireland Summit, Mr Martin said the Trump administration has unleashed enormous uncertainty across the world with its approach to trade and said trade wars are a lose-lose situation. "We do not believe that unilateral action is the way to resolve difference on trade; and we do not believe that tariffs solve problems. Dialogue solves problems," he said. Recent events have underscored how vulnerable world markets are and while Ireland has benefitted from a more open and globalised world, it must now adjust to these uncertain times. Speaking at the same event, Tánaiste Simon Harris said the Government strongly supports the approach being taken by the EU on US trade tariffs and emphasised the need for EU unity on the matter. US President Donald Trump. Half of all company profit warnings last month flagged a hit from the mounting global trade war amid the fallout from Trump's sweeping tariff hikes, according to new figures. Picture: Niall Carson/PA Wire In addition to supporting efforts at EU level, the Government is developing a detailed action plan for trade diversification. This will seek to identify new opportunities and alternative markets for Irish goods. Mr Harris said there will be a sustained focus on driving competitiveness domestically in support of Irish businesses, investment in Ireland, and jobs. It comes as the EU's chief negotiator said the bloc is under no pressure to accept an unfair tariff deal with the United States, adding that it was being contacted by other countries seeking to forge closer trade ties. European Trade Commissioner Maros Sefcovic said: "We do not feel weak. We do not feel under undue pressure to accept a deal, which would not be fair for us." But he told the EU Parliament that American tariffs now cover 70% of EU goods trade to the United States and that could rise to 97% after further US investigations into pharmaceuticals, semiconductors and other products. Last night, Donald Trump told the new Canadian prime minister Mark Carney that there is nothing Mr Carney can say to him that would make him lift the tariffs on Canada. He also said China's economy is 'suffering greatly' because of his tariffs and that Beijing wants to negotiate a trade deal to end the tariffs. He added 'we will be meeting with them at the right time'. Read More US demand for Irish passports soars as many Americans consider moving to Europe
The Irish Sun
06-05-2025
- Politics
- The Irish Sun
‘Clearly a war crime' blasts Micheal Martin over ‘unacceptable' Israel blockade of food and humanitarian aid into Gaza
TAOISEACH Micheal Martin has described the blockade of food and humanitarian aid by Israel into Gaza as 'clearly" a "war crime". While Advertisement Of the 59 captives remaining in Gaza, 24 are believed to still be alive. In a keynote address at the Global Ireland Summit in Advertisement Read more in News 'It is simply wrong, in principle and in law, to inflict hunger and suffering on a civilian population, whatever the circumstances. 'This behaviour clearly constitutes a war crime. It is also wholly unacceptable to contemplate the mass displacement of people in Gaza or to talk of permanent occupation. 'Not only is it an affront to decency and to international law, history tells us it offers no solution.' Earlier, Tanaiste Advertisement Most read in The Irish Sun He said: 'I am deeply appalled and sickened about Israel's continuing blockade of humanitarian aid entering Gaza. 'We have reports from the World Food Programme that food supplies are running out, with famine now a real risk for many Gazans. 'WILL NOT STAND IDLY BY' 'Colleagues, children are being left starving, and even dying, as we speak. 'We cannot and will not stand idly by and let this happen.' Advertisement The Taoiseach and Tanaiste's intervention came as Israel's Finance Minister, Bezalel Smotrich, said a victory for Israel in Gaza means that the Palestinian territory will be 'entirely destroyed'. Hamas has accused Israel of waging a 'hunger war' on Gaza as famine looms. Thousands of trucks queue along the border of the territory, waiting to be let in. Aid groups report a rise in looting incidents over the last week. Israel approved a military plan on Sunday involving the 'conquest' of Gaza, where nearly all 2.3 million people have been displaced. Advertisement
Irish Examiner
06-05-2025
- Politics
- Irish Examiner
Taoiseach says Israel's Gaza blockade 'clearly constitutes a war crime'
Israel's fifty-plus-day blockade of humanitarian aid into Gaza "clearly constitutes a war crime", the Taoiseach has said. There must be an immediate resumption of unhindered humanitarian assistance to the people of Gaza, and at an unprecedented scale, as Gaza moves closer to a hunger crisis, Micheál Martin said. "It is simply wrong, in principle and in law, to inflict hunger and suffering on a civilian population, whatever the circumstances," he told the Global Ireland Summit 2025. "It is also wholly unacceptable to contemplate the mass displacement of people in Gaza or to talk of permanent occupation." Speaking at the same conference at Dublin Castle, Tánaiste Simon Harris said Ireland would not stand idly by and allow Israel to continue to inflict suffering and starvation on the people of Gaza, saying the current blockade has left him "deeply appalled and sickened". Humanitarian agencies operating in the region, including UNRWA, must be allowed to carry out their work unimpeded, and challenges to UNRWA's mandate must be resisted, he said. "In the West Bank, settlement activity is rising, and Israel is conducting its largest military operation in 20 years, which has resulted in the displacement of at least 40,000 people," said Mr Harris. Both Mr Martin and Mr Harris reiterated Ireland's position that a two-state solution is the only path to creating a lasting peace, and said Ireland would continue working with international partners to reach that goal. Read More Tánaiste calls for EU unity on US tariffs and conflicts at Global Ireland Summit
Irish Post
06-05-2025
- Business
- Irish Post
Ireland seeks ‘alternative markets for goods' due to US tariff uncertainty
THE Irish Government has begun developing a 'detailed action plan for trade diversification' due to the economic uncertainty brought by impending US tariffs. Tánaiste Simon Harris confirmed this morning that the government is seeking out alternative options for those Irish traders who will be hit hardest by the new US levies. Last month President Donald Trump confirmed import taxes of 20 per cent would be imposed on all good entering the US from the EU. Those tariffs were due to take effect on April 9, although President Trump issued a 90-day delay to the plan. 'If the last few months have shown us anything, it is that diversification of our markets has never been more important,' Mr Harris said as he addressed the Global Ireland Summit at Dublin Castle this morning. Global Ireland Summit at Dublin Castle this morning (Pic: Outlining the nation's position in terms of global trade and the economy, Mr Harris said 'Ireland's story is one of openness – openness to the world, to trade, to new ideas and partnerships". 'Our prosperity is enhanced by our ability to produce high-quality goods and services and bring them to global markets,' he explained, before confirming that the Irish economy 'performed strongly' in 2024. 'However, the economic backdrop has become increasingly uncertain,' he added. 'The most pressing risks are external in nature and include risks related to increased trade protectionism and weaker than expected demand in our main trading partners,' Mr Harris explained. 'This has been a tumultuous period for those engaged in international trade arising from the actions of the US administration.' Mr Harris further confirmed that despite Ireland's 'remarkably close economic, diplomatic and political links' with the US, they 'see no justification for tariffs imposed by the US administration on its trading partners, including EU exports'. 'The Government's views on this have been consistent throughout,' Mr Harris explained. 'Tariffs are counter-productive; they drive inflation and hurt consumers on all sides. "We want trade issues to be resolved through substantive, calm, measured dialogue with the United States,' he added. 'All sides need to engage in good faith because uncertainty and turmoil is not the way forward.' Outlining Ireland's response to the planned tariffs, Mr Harris said "EU unity is crucial". 'The Irish Government strongly supports the approach being pursued by European Commission President von der Leyen and the Trade Commissioner Maros Sefcovic," he confirmed. Mr Harris added: 'The Government has begun developing a detailed action plan for trade diversification, which will seek to identify new opportunities and alternative markets for Irish goods, working closely with our embassies and state bodies abroad. 'This will be accompanied by a sustained focus on competitiveness, supporting efforts at EU level, and also driving competitiveness domestically in support of Irish businesses, investment in Ireland, jobs and our continued prosperity.' See More: Ireland, Tariffs, Trade, US
The Journal
06-05-2025
- Politics
- The Journal
'The world is not doing enough': Tánaiste 'sickened' by Israel's continued blockade of Gaza
TÁNAISTE SIMON HARRIS has said he is 'sickened' by Israel's continued blockade of aid into Gaza and argued that the 'world is not doing enough'. 'We cannot and will not stand idly by and let this happen,' he said. 'When people look back at this moment in history, they're going to look back and they're going to say the world did not do enough. Be clear about that, the world is not doing enough,' he added. The Tánaiste and Minister for Foreign Affairs made the comments today at the Global Ireland conference in Dublin Castle, where he delivered a speech about Ireland's role in the world and this government's foreign policy. Harris told those gathered that Israel's latest plan to expand its operation in Gaza is 'extraordinarily alarming'. He appealed for Israel to comply with international law. It is now over two months since Israel imposed the blockade, with humanitarian organisations warning that Gaza is now on the brink of famine as a result. Simon Harris speaking this morning. The Tánaiste called for an immediate end to hostilities, the release of all remaining hostages, and the resumption of humanitarian aid at scale into and throughout Gaza. Ukraine The Tánaiste also spoke about the need for an end to Russia's illegal war against Ukraine. He said Russia's actions represent a 'serious threat to global peace and security' and stressed that any negotiations on peace must have Ukraine's voice at the centre. Advertisement He argued that one of the most important long-term security guarantees that can be offered to Ukraine is membership of the European Union. 'It is time to bring Ukraine into the European family where it belongs,' he said to applause. Also speaking this morning at the conference was Ukraine's Minister for Foreign Affairs Andrii Sybiha, who addressed the conference by video link from Kyiv. In his speech, he thanked Ireland for 'standing on the side of good' since Russia's full-scale invasion of Ukraine three years ago. He said he does not believe Moscow is serious about a ceasefire. 'Ukraine is ready for a ceasefire,' he said, adding that the country is also ready for real peace but that confidence measures are needed, such as the release of Ukrainian prisoners of war. Tariffs The Tánaiste also spoke about the European Union's response to Trump's tariffs. He stressed that the EU stands united in its response to the economic uncertainty, adding that 'so many people underestimate EU unity'. He said Ireland sees 'no justification at all for tariffs imposed by the US'. 'Those who think the European Union will not be united on trade and the economy, don't understand the European Union and don't understand our values,' he said. In attendance today at the Global Ireland Summit in Dublin Castle are members for Ireland's diplomatic corps, leaders from across the civil and public service, business, and the community and civil society sectors. Ireland's ambassadors, consuls general and other senior officials from across the Embassy network are also in attendance. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
