'Very serious' developments coming as Trump's tariff announcement looms over Ireland 

“We are in a time of uncertainty, and potentially very serious things are about to happen in terms of tariffs and trade wars.

“We have faced big challenges before; Brexit, covid-19, the war in Ukraine and inflation, and we will face his forthcoming challenge as well, in a determined, organised way as a government, in consultation with our business community and indeed with our organisations and agencies," Mr Martin told attendees.

The Irish stock market was down 1.8% in early trading on Monday as traders reacted to heightening tensions, with both Asian and European stocks falling sharply alongside US futures, accelerating a sell-off that began last week after Mr Trump said that the reciprocal US duties he is expected to announce on April 2 would apply globally.

Mr Trump's tariffs are expected to be universal across all European exports into the US and to be in the region of 20%. They are also expected to be followed by further additional tariffs on key sectors, particularly for Ireland, such as pharmaceuticals.

"What I would say is we have to stay calm and determined. We have to control what we can control and work," Mr Martin continued

“That means investment in terms of capital infrastructure, which will continue in water energy, the grid, offshore wind and so forth."

Also speaking at the CBA President's Dinner was European Commissioner Michael McGrath, who told guests: “I know many are worried about geopolitical tensions, about the possibility of a trade war, about the risks that we face, and we are unquestionably at a critical juncture right now. We do face a level of economic risk that is serious.

“There is no point in saying otherwise because all the indications are that the US administration will proceed with a major tariff announcement in the coming days, and the European Union certainly does not want a trade war because we know it is bad news.

“It is all round, bad for business, bad for consumers, and indeed bad for workers as well. We will respond to whatever happens next week in a very considered and careful way in full consideration with all Member States. If sense prevails, then the EU response to whatever happens this week will lead to substantive negotiations between the EU and US administration, where we can work towards an agreement and a period of stability and certainty."

Mr McGrath also noted that the EU remains the single most important market for American companies outside of their own country. 

"It is a very lucrative and profitable market of 450m people, and corporate America in general is not in favour of a trade war because the EU market continues to be a highly successful market for US companies."