Finance Minister Paschal Donohoe has raised alarms about the volatility in trade between the EU and the US, warning that upcoming tariffs could significantly increase costs for consumers and businesses. With Budget 2026 on the horizon, the Taoiseach revealed that there would be no new cost-of-living support measures, stressing the need for careful budget management. As discussions around potential US tariffs on April 2 loom, calls for a coordinated EU response and consultations with industry have become critical, particularly addressing concerns about the impact on Ireland's pharmaceutical sector.
As trade tensions escalate, Finance Minister Paschal Donohoe warns that tariffs could raise prices for households and businesses in Ireland and the EU.
The government must focus on maintaining existing budget provisions without new cost-of-living packages due to challenging budgetary constraints.
Taoiseach Micheál Martin emphasized a collective European response to potential US tariffs while consulting with companies and other governments on tariff impacts.
Concerns over tariffs on pharmaceutical goods could lead companies to reconsider their manufacturing locations, creating significant implications for Ireland's economy.
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