Ibec forecasts 2%-3% short-term export impact from US tariff decision
'Now is also the time to accelerate national and EU-level measures that enhance overall business competitiveness.'
Business group IBEC said it was deeply disappointed by the US decision to impose a blanket 20% tariff on European exports to the country.
CEO Danny McCoy urged the Irish Government and the European Commission to act with urgency to find a negotiated solution with the US administration.
"The Government must advocate for a proportionate and measured EU response, informed by a detailed analysis of supply chains, strategic considerations, and the broader implications of any retaliatory measures," he said.
"While this will present challenges for a number of sectors, we anticipate that the new tariffs will result in a net overall export impact of around 2–3% in the short-term."
Mr McCoy called for a response similar to that rolled out for Brexit and the covid pandemic.
"To protect the economy and jobs we can draw on what worked in the covid and Brexit measures. The most important domestic response is to support enterprises most affected by the tariffs. This should include time-bound, short-time working supports to help keep employees connected to businesses experiencing demand shocks, as well as other measures to enhance productivity and access to new markets," he said.
