SIMON Harris is putting together a new Irish trade team based in the US to plan for potential shocks caused by US President Donald Trump’s policies, the Irish Sun can reveal.
It comes amid fears that the EU and US could be set for a trade war after President Donald Trump threatened to hit Europe with new tariffs.
Any tariff on European goods entering the US would be devastating for Irish businesses as America remains Ireland’s largest trading partner with €317billion in trade done in 2023 alone.
Minister for Foreign Affairs and Trade Simon Harris will today bring proposals to the Cabinet to create a new US-based body that will be tasked with strengthening US Irish relations.
The trade team will be in charge of advising the Government on how to deal with any potential policy changes brought in by Donald Trump’s administration.
This new body will be called the Strategic Economic Advisory Panel and will be made up of influential business professionals working in the US.
It’s understood that the Tanaiste wants to fast track the establishment of the body due to concerns about the potential for trade tariffs being slapped on the EU.
Minister Harris will also today propose the establishment of a separate Consultative Group on International Trade Policy made up of business reps and State agencies who will meet every eight weeks to discuss developments.
The US has already entered a trade war with China and has suspended implementing tariffs on Mexico and Canada following last minute negotiations.
Over the weekend, President Trump warned that the EU was next in the firing line as he accused Europe of “taking advantage” of the States.
He said: “They don’t take our cars. They don’t take our farm products. They take almost nothing.
“And we take everything from them – millions of cars, tremendous amounts of cars and food products.
“The European Union … it’s an atrocity, what they have done. So obviously something is going to take place there.”
There are concerns that a trade war between the EU and the US could damage the Irish economy – particularly if pharmaceuticals are included in a Trump tariff as Ireland exports tens of billions of euro worth of meds to America.
Business Minister Peter Burke yesterday warned that “trade is a two way street” as he highlighted the volume of goods and services that the EU buys from America.
According to the EU, some €502billion worth of European goods were sold to the US in 2023 with €346billion in American goods going in the opposite direction.
However, this trade deficit of €155billion is significantly decreased when services are included.
The EU imported €396billion worth of services from the States in 2023 while exporting only €292billion.
In total, this leaves a trade deficit for the US of just over €50billion.
