Making detailed assessment of Trump tariff impacts was challenging, says IDA

The IDA said they needed to focus on what they could control and that it was challenging to make a 'detailed assessment' of the impact of President Donald Trump's tariffs for Ireland.
In a series of briefings, the investment agency said the immediate difficulty was likely to hit firms that worked with 'tight operating margins.'
Advertisement
They said while geopolitics would become a bigger part of investment decisions, large multinationals would still seek market access, talent and proven expertise in countries like Ireland.
One briefing said clients were continuing to assess the impact of tariffs on their business but some indicated there was little effect so far.
It said all the IDA could do was watch developments and keep in close contact with companies both within Ireland and through their international headquarters.
The document said: '[We should] continue to advocate for improvements in Ireland's relative competitiveness – a factor within our control.'
Advertisement
A slideshow prepared for a trade forum in April said that US companies accounted for 70 per cent of the 300,000 people employed by IDA clients.
However, 85 per cent of their exports were intended for markets other than North America.
The presentation said: '[Multinationals] consider a range of factors in deciding where to invest. Policy changes (e.g., on tariffs) [are] one part of a wider decision-making matrix with investments implemented over a multiyear timeframe.'
It said Ireland's need to improve national competitiveness remains 'critical.'
Advertisement
The presentation said the key factors in this were relative costs, planning, infrastructure delivery, talent development, as well as incentive offerings through tax or grants.
It said US companies still saw Ireland as their 'entry point' to the European Union and to service wider global markets.
Ongoing engagement with firms showed that with the 'prevailing uncertainty', most were still assessing the impact of tariffs and preparing potential contingencies.
It said Ireland still had key attractions for investment including a stable business environment, access to a skilled workforce, and a 'transparent, competitive tax regime.'
Advertisement
Another update for the Department of Enterprise from February said US trade policy would change the weighting of how multinationals made investment decisions.
However, it said that while tax or tariffs were one part of this, other factors like property prices, utility costs, and infrastructure remained just as important.
Ireland
Blind woman falls after Dublin Bus driver 'refuses...
Read More
A note for the department said: 'Cost of moving intermediate and final products are one part of wider factors considered in investment decisions.
'In the medium-term, [a] mix of US policy changes across tariffs, tax, incentives and restrictions could impact future investment decisions.'
Asked about the records, a spokesman said: 'IDA Ireland sees no justification for the imposition of tariffs on EU exports. Tariffs are counter-productive and deeply disruptive. They drive inflation, hurting consumers on all sides.
'We are fully supportive of the EU's approach of engaging in substantive, calm, measured and comprehensive dialogue to reach negotiated solutions with the goal of achieving frictionless and mutually beneficial trade with the United States going forward.'

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Daily Mail​

13 minutes ago

• Daily Mail​

Revealed: The popular tourist destination where Brits will get the best exchange rate

It feels like it's getting more and more expensive to go abroad, and many Brits are really feeling the pinch when it comes to their holidays. But there's a popular tourist hotspot where your pound will stretch further than anywhere else. Post Office Travel Money's Holiday Spending Report looked at how sterling is performing against its 30 bestselling currencies compared with 12 and three months ago. It reveals that visitors to Turkey from the UK will get the most for their money, due to the ongoing, long-term collapse of the Turkish lira. Over the past three months, the lira has fallen by 12.9 per cent against the pound. And, compared with last June, visitors can now expect to receive around £116 (+30.2 per cent) more when they buy £500 worth of lira. The report also reveals the sterling has bounced back against the US dollar and is currently 6.6 per cent stronger than it was a year ago, and has gained 4.9 per cent in the past three months. For £500, tourists will now receive almost £31 more of US dollars, than they would a year ago. The report also reveals the sterling has bounced back against the US dollar and is currently 6.6 per cent stronger than it was a year ago, but Brits are turning their back on the States Despite this bang for your buck, the report found that many Brits are turning away from travelling to the States. Over half (53 per cent) of those surveyed said they'd actively avoid destinations where they think President Donald Trump's tariffs could affect resort prices, and 39 per cent said they categorically will not travel to the States. But those not wanting to go to the US can still benefit from the dollar recovery, as it extends to the Caribbean and Middle East currencies pegged to the dollar. It means Brits planning trips to Barbados, Antigua, Dubai, and other long-haul holiday favourites will get more for their pounds. Meanwhile, holidaymakers rated Spain (41 per cent), Turkey (35 per cent) and Thailand (31 per cent) best value for money out of 39 worldwide destinations. However, the report found the Thai baht was one of only five of the 30 bestselling currencies to rise in value against sterling. A sterling year-on-year fall of 5.2 per cent means that British visitors will get £27.64 fewer Thai baht on a typical £500 currency transaction. Given that almost half (48 per cent) of holidaymakers said they will choose their destination based on the strength of sterling, two other Far Eastern destinations – Vietnam and Bali - will actually offer Brits more for their money. Visitors to Vietnam will get the equivalent of £42.01 – or 9.2 per cent extra - on a £500 purchase of Vietnamese dong. Those choosing Bali, fourth-placed in the barometer, can expect around £33 (7.1 per cent) more in Indonesian rupiah than a year ago. Laura Plunkett, Head of Travel Money at Post Office, said: 'This year's holiday spending research again demonstrates that holidaymakers don't always set a realistic budget and overspend by large amounts as a result. 'It's great to hear that holidaymakers are already planning to budget more for their holidays this year, to avoid coming unstuck when they arrive at their destination.'

The Independent

an hour ago

• The Independent

Trump whines he won't get a Nobel Peace Prize while weighing US strike on Iran

President Donald Trump has again complained he can't win a Nobel Peace Prize, this time, as he weighs whether to attack Iran. Trump took to Truth Social on Friday evening to highlight the peace deal he said his administration brokered between the Democratic Republic of Congo and Rwanda while lamenting he'll be denied the Nobel Peace Prize 'no matter what.' 'This is a Great Day for Africa and, quite frankly, a Great Day for the World,' Trump wrote. 'I won't get a Nobel Peace Prize for this,' Trump added, before listing other negotiations he says his administration led, including 'stopping the War between Serbia and Kosovo' and 'keeping Peace between Egypt and Ethiopia.' 'No, I won't get a Nobel Peace Prize no matter what I do, including Russia/Ukraine, and Israel/Iran, whatever those outcomes may be, but the people know, and that's all that matters to me,' the president wrote. The post comes a day after Trump said he'd decide whether to strike Iran within the next two weeks. Earlier Friday, the Pakistani government said it plans to nominate Trump for the prize, citing his 'decisive diplomatic intervention and pivotal leadership during the recent India-Pakistan crisis.' Last month, India and Pakistan agreed to a ceasefire, a deal in which Trump claims he played a significant role. But Indian Prime Minister Narendra Modi disagrees. Modi 'clearly conveyed' to Trump that he did not play a role in the ceasefire during a recent phone call, Indian Foreign Secretary Vikram Misri said on Tuesday. Instead, Modi says the ceasefire was achieved through direct talks with Pakistan. This isn't the first time Trump has pined over the Nobel Peace Prize, which is awarded to a 'person who shall have done the most or the best work for fraternity between nations, the abolition or reduction of standing armies and for the holding and promotion of peace congresses.' Trump has appeared frustrated that his predecessor, former President Barack Obama, received the award in 2009, less than a year into his first term. Obama received the award for his 'extraordinary efforts to strengthen international diplomacy and cooperation between peoples,' and particularly his 'vision of and work for a world without nuclear weapons.' Last year, Trump claimed that if he 'were named Obama,' he would've 'had the Nobel Prize given to me in 10 seconds.' John Bolton, Trump's former national security adviser who has since become a vocal opponent of the Republican, once told The New York Times that the 'center of his public life is the greater glory of Donald Trump, and the Nobel Peace Prize would be a nice thing to hang on the wall.'

Auto Car

an hour ago

• Auto Car

MWIC Bonus Episode 13: Autocar Meets car designer Julian Thomson, GM Advanced Design Europe

Close Julian Thomson is one of the world's best car designers and if you don't know the name, you'll know his cars. As Lotus's chief designer he designed the Elise and at Jaguar Land Rover created the LRX concept, which went on to become the Range Rover Evoque. But most of Thomson's career has been spent in advanced design and that's where he finds himself now, at General Motors' new advanced design centre Europe. Why does GM need a European design centre and what will it do? Join Steve Cropley and Matt Prior as they put these questions and many more to one of the world's most eminent car designers.