US Tariffs Could Hit Irish Jobs and Economy, Report Warns

A joint study from ESRI and the Department of Finance reveals that US tariffs on EU items will harm Irish employment rates, push multinationals to move operations, and weaken governmental funds.

According to the research study, the Irish economy will be reduced by 2% several years ahead, while the Gross Domestic Product will decrease by 3.5%. When Ireland receives market export restrictions, its Gross Domestic Product slips 3% alongside a 1.5% economic decline.

Specialist pharma and technology companies leading exports will suffer the biggest damage from these tariffs. Specialized companies will see their production drop by 4%, and together, the nation will shrink by 2%. Companies in the industry will grow weaker when they lose their top-performing staff who work for top salaries.

Dr. Paul Egan identifies that protectionist steps threaten Ireland’s economy, triggering problems in both its workforce sector and banking system. Multinational corporations will relocate their operations from Ireland to America to avoid tariffs, which adds danger to Ireland’s economic stability.

The finance minister, Pascal Donoho, saw trade doubts and decided government strategies were essential for planning. Through financial support he shows that Ireland maintains its belief in global trade agreements and openness to worldwide commerce.

Pearse Doherty from Sinn Féin encouraged European leaders to stay calm because a full trade war with the United States could escalate the situation. He urged communication with the US authorities and advised his nation to fund home-based projects to secure jobs next year.