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LAST UPDATE | 2 Apr
US PRESIDENT DONALD Trump announced he is signing an order imposing “reciprocal” – or retaliatory – tariffs on countries worldwide.
“I will sign a historic Executive Order instituting reciprocal tariffs on countries throughout the world,” said Trump from the Rose Garden of the White House.
“Reciprocal, that means: they do it to us, and we do it to them.
“This is one of the most important days, in my opinion, in American history.”
When totting up the tariffs, Trump’s administration has added in “currency manipulation and trade barriers” to the metric.
In the Executive Order outlining the tariffs, it was stated that non-tariff barriers includes VAT.
Tariffs function as a tax on imported goods. They are levied against the importer and charged as a percentage of the worth of the goods.
The idea behind imposing a tariff is to encourage companies within a country to source their materials domestically rather than from abroad.
However, most economists agree that the tariffs being announced tonight are more likely to push up inflation and hamper economic growth.
Trump is hoping his suite of tariffs will encourage the US’s domestic industry. He announced baseline tariffs of 10%, although many countries – including the EU as a bloc – will face stiffer rates.
The tariffs Trump announced today are targeting countries that he sees as having the worst trade balances with the US.
He called them “reciprocal” tariffs to suggest that they’re a means to “match” the cost of the US doing business with those countries.
He dubbed the targets of these tariffs the ‘Dirty 15′ – a list of 14 countries plus the entire EU.
A tariff already affecting EU countries is a 25% tariff on steel and aluminium that came into effect on 12 March.
A 25% tariff on automobiles that was announced last week is also coming into effect tomorrow, followed by 25% on automobile parts next month.
During his tariff announcement, Trump claimed that the EU is “pathetic” for how it treats the US and announced 20% “reciprocal” tariffs on other imports.
Trump held a chart outlining the tariffs, and the chart claimed that the EU puts tariffs of 39% on the US.
Speaking to The Journal last week, Professor of Political Economy at Trinity College Sharyn O’Halloran said that with the reciprocal tariffs, Trump is “looking for a way to have what his administration perceives as a levelling of the playing field”.
“This is a shift in their dialogue in the sense that they’ve shifted from the Mexico and Canada case, when they were saying that these were national security issues — the immigrants coming from Mexico and supposedly the illicit drugs coming from Canada — and they’re now using this list of countries that have trade imbalances,” she said.
Taking to the podium just after 9pm Irish time, Trump labelled his speech a “declaration of economic independence” before going on to criticise cheaters and “foreigners” who he said had pillaged his country’s economy.
Delivering a long, rambling speech, the US president announced that he was putting a blanket 20% tariff on all goods coming from countries in the European Union.
Reading from the large chart that he produced and held aloft as he spoke, he revealed that a number of countries would be hit even harder, with tariffs of 24% on Japan and 26% on India.
He also confirmed details of a 25% tariff on all non-US-made cars.
Training his ire on the EU for a section of his speech, he said Europe had been ripping off America. “It’s so sad to see. So pathetic,” he said.
Reiterating his arguments in favour of tariffs he said other nations were getting “rich and powerful at our expense” and that tonight’s move would lead to “stronger competition and lower prices for consumers”.
“In many cases the friend is worse than the foe when it comes to trade,” he said.
The new tariffs on US trading partners are set to begin this weekend, White House officials said after the speech, with a higher rate on “worst offenders” to take effect next week.
Tánaiste Simon Harris briefed Cabinet last night about Ireland and the EU’s state of readiness to deal with the tariffs.
Speaking following Trump’s announcement, Harris said he “deeply regrets” the tariffs.
“There are no winners when it comes to tariffs – they are bad for consumers, put jobs at risk, and drive up costs and uncertainty for business.”
My statement on tonight’s announcement by the US President. pic.twitter.com/uSXKMtiBIU
— Simon Harris TD (@SimonHarrisTD) April 2, 2025
Harris remarked that the government will “seek to control what we can control and influence what we can influence while drawing on unity with our EU partners as our greatest strength”.
“The EU and Ireland stands ready to find a negotiated solution with the US. Negotiation and dialogue is always the best way forward.”
“I must be honest tonight that a 20% blanket tariff on goods from all EU countries could have a significant effect on Irish investment and the wider economy and the impact of what has been announced is likely to be felt for some time.
“It represents a huge challenge to Irish exporters to the US across all sectors. Our relationship with the US is long, deep and meaningful and I want to be clear that it will endure far beyond any difficulties we may encounter in the time ahead.
“We will continue to emphasise the fact that the US-EU relationship is a two-way street. Our economies are interdependent and an extended trade dispute is in no one’s interest.”
Harris will chair the Government Trade Forum on Friday and will attend an EU Trade Ministers meeting in Luxembourg on Monday.
Meanwhile, Taoiseach Micheál Martin tonight remarked that “the imposition of tariffs is bad for the world economy”.
“We see no justification for this,” said Martin.
“More than €4.2 billion worth of goods and services are traded between the EU and the US daily.
“Disrupting this deeply integrated relationship benefits no one. Tariffs drive inflation, hurt people on both sides of the Atlantic, and put jobs at risk.
“As I agreed with European Commission President von der Leyen in our recent phone call, EU unity is crucial, and our response should be considered and measured.”
Martin added that a “confrontation is in no one’s interests” and that “now is a time for dialogue”.
“As a small, open economy, and as a country that has built our prosperity on a policy of free and fair trade, there is no doubt that the imposition of tariffs by the US will have an adverse impact.
“Ireland’s priority is the protection of jobs and our economy,” said Martin.
“It is important that we focus on factors that we can control, including improving our competitiveness and investing in infrastructure.
“By working with Irish-owned companies, multinationals, our EU partners and bilaterally with the US, we can and will weather this storm.”
Analysis by the Department of Finance and the ESRI, produced before tonight’s announcement, suggested the tariffs could cost Ireland more than €18 billion in lost trade.
There are also fears about US companies uprooting their Irish operations or making future decisions not to locate here.
EU Commission President Ursula von der Leyen said yesterday that the EU still hopes for a “negotiated solution” to US tariffs but that “all instruments are on the table” to respond if necessary.
Sinn Féin leader Mary Lou McDonald said earlier today she believes the EU should not impose counter-tariffs on the US, saying there should not be a “knee jerk reaction” from the EU that would exacerbate the issue.
Ireland’s pharmaceutical sector, which employs 50,000 people – 30,000 of them in US companies – is considered to be particularly vulnerable.
In the Executive Order outlining the tariffs, it was stated that pharmaceuticals are not subject to the tariffs under this order.
The sector doesn’t expect “immediate” job losses from the looming trade war but fears the impacts will be felt “four or five years” from now due to the timescale for investment in large-scale manufacturing plants.
“Everybody’s just waiting to see what happens,” said Eimear O’Leary, communications and advocacy director for the Irish Pharmaceutical Healthcare Association, speaking to The Journal.
O’Leary outlined that it’s “hard to say anything for definite” on how the tariffs will play out but that they “will impact and they will certainly create significant commercial challenges for companies based here”.
-With additional reporting from Christina Finn, Mairead Maguire and Eoghan Dalton
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What about all the massive tariiffs the irish government have on its own people ? Property tax , VRT, USC, Bin charges , tolled roads , diesel , petrol , electric , gas , motor taxation , insurance ????
@Derek Gannon: your not one of the famous Gannon brothers by any chance?
@Brendan Ryan: infamous
@Derek Gannon: shows what a kip our country has become. Rich v Poor. Let the battle begin.
@Derek Gannon: You forgot to mention all the levy’s.
@Derek Gannon:So you wanna be like the squillionaires and pay no tax at all? How will we build roads and infrastructure and pay for healthcare, housing etc, etc, etc?
@Antaine (aolbfs): You are a little fool, the absolute gem in the crown of our corrupt govt. Do you not understand the basics? Tax spent by politicians for politicians, all paid for by absolute mugs like you pal. Enjoy the rest of your little ripped off life.
@Dan The Man: Which category are you in??
Boy does he know how to ramble. And he has the audacity to question Biden’s cognitive dissonance.
@Berties Cat: I think he has all right, there was a big difference between Bidens cognition and his.
@Berties Cat:
Never forget. Out of his own mouth only months ago..,
“Starting on day one, we will end inflation and make America affordable again, to bring down the prices of all goods.”
A liar without equal. It’s fascinating on one level. How can anyone trust a man who lies as much as he breathes?
Might bring some sense to this country at last… money sloshing around everywhere you look, no value in most things…I want, I get attitude. Tap the card like a bottomless pit. We have a lot to thank Trump for and I’m far from a fan of his.
@Ben dover: I think he is simply matching the Vat and it’s a go9d outcome for Europe considering. They can’t manage the money here in ireland anyway so I think we need to keep our heads down and get in with it .
Ireland IS a tax haven the same as the Cayman Islands. Fair play to Trump. He is American and sees Ireland leeching American profits and taxes away from them. Reduce domestic American income tax and levy imports to the hilt. Simple maths really.
@Dan The Man: America is pileging the world of natural resources…what have you to say about that
@Dan The Man: the super rich irsh reside in Switzerland and Monaco, proper tax havens
@anthony davoren: I did foundation maths for Leaving Cert and even I can see a pathway for Trump to hammer Europe. Reading the biased RTE articles ignoring the obvious is quite hilarious. While imports will be more expensive short term, reducing income tax to put more money in American pockets to buy these products will mitigate any damage occurred long term.
@anthony davoren: maybe a bit irrelevant…
@Dan The Man:
But the Tarrifs are against EU not Ireland directly…
That kind of puts a hole in your arguement.
@Dan The Man: Dump is not reducing American income taxes. He is INCREASING them on the vast majority of people… and giving tax cuts only to the ultra-wealthy who very obviously don’t need nor deserve them.
@Jack Dermody: Ireland is in EU
@Dan The Man: it shows
@Kevin Bury: it doesn’t really because I still got a nice handy well paying office gig in life with zero mammy daddy money invested in me at 18. I can also fix any electrical or mechanical thing wrong in my house for free and work for half the insurance companies in Ireland privately for insane money for twenty minutes work a masters student would be jealous of lol
With my pathetic level 6 lol
I’ll accept my official peasant standing in society but I still get to secretly enjoy all the mega money!
@Dan The Man: Yankee go home . Simple. Keep the dumb yanks away from the rest of the world we don’t need them .
@Dan The Man: The only master’s students who would be jealous of you are those in creative writing…
@Dan The Man: we shall see. However, together with your studies in foundation maths, you should have studied economics and history. Tariffs have always had an adverse impact on the consumer. Americans will regret having voted for the man who made the poorer, who made the less popular in the world and so on. Maybe you and his voters should have paid more attention when in school
I watched his speech. This makes sense for USA. If I was a US citizen, I would be very happy with my President now.
@Gavan Hogan: No, it doesn’t; it makes European goods more expensive for Americans to buy .
@Gavan Hogan: their prices will go up for absolutely everything. We’ll see how happy they are soon
@Gavan Hogan: it makes no sense at all. The last time the US got into a trade war this large resulted in the great depression.
@Gavan Hogan: you know nothing about economics. It is a return to the 30s
@Jack Moss: not if Trump reduces income tax
The could reduce income tax to a pittance and HAMMER imports crazy money..
USA gets same money
@Gavan Hogan: A number of studies have shown that a tariff on imports has the effect of applying an equivalent tariff on exports. Which is obviously an absurd policy objective, but here we are.
@Gavan Hogan: You watched his speech… therein lies the problem. If you’re dumb enough to believe anything he said.. thats on you. You’ll fit it well over there. Send us a postcard.
@Dan The Man: forgive me if I find it hard to believe your expertise on all of this you said earlier you did foundation maths
@Gavan Hogan: You defo get the award for most uninformed comment today, and that’s quite a achievement!
@Gavan Hogan: if you WERE a US citizen, you’d be as much of an oinseach as the rest of Trump supporters and about as literate.
@Gavan Hogan: here is another one who speaks without understanding economics and history. Jesus wept
Why did the United Kingdom get off lightly with 10%, While we the European Union got 20% , I wonder if we exported our goods via the U.K. , Would they be cheaper to send over? Also where’s the Trade Tariffs on Isreal, Russia or the North Korea
@Tommy: brexit, Trump does not like Brussels. We could have that option you say maybe,
@Tommy: because they have a much smaller trade deficit.
@Tommy: Canada did that with Chinese products (took the madenin china label off and replaced witj made in canada). Probably a reason he want after them.
@Tommy: Because he got a second state visit. Back scratching at it’s finest.
@Tommy: UK has EU and China integrated supply chains. It’s a complete mess regardless. USA now alone, brand and soon economy kaput.
@Tommy: 20% customs tax between Ireland and UK isn’t it?
@Tommy: He slapped 17% on Israel, US doesn’t import anything from NK and Trump has expanded sanctions on Russia.
@Tommy: because Starmer sucked up to Trumps inflated ego. As for Russia, North Korea and Israel, they’re now the US friends as part of the new axis of evil.
@Tommy: UK has USA bases on it ,does not have a lot of US multinationals,mainly because they fecked of due to Brexit
@Peter Brown: Ireland without the EU would still be a poor rural country. Deluded
@sean weir: oh dear, what US multinationals left UK after Brexit? List please.
@Tommy: only going to get worse as time goes by
Am I right in saying that a tariff is paid by the importing country. So, with the USA now putting a 20% tariff on all imports, it will cost the US importers 20% more on the cost of goods purchased by them. This 20% tariff would then increase the cost of the goods in the US. Is it President Trump’s hope that because of the increase of prices on the imported goods, companies in the US will spring up overnight and produce these imported goods themselves. So, for example, if imported motor vehicles are going to cost the US citizen an extra 20%, to combat this, the US will import less vehicles and also ramp up the production of home produced vehicles to meet the demand for motor vehicles. Is it this black and white.
@MIchael Costello: You are 100% correct. Just like in Ireland when the government increases VAT in hospitality, the hotels pass the tax on to the customer with price increases. Anyone on under $100k in the US is totally screwed now, by their own President.
@MIchael Costello: That’s exactly the fantasy Dump is entertaining.
@MIchael Costello: your not far off the mark, it’s a tax on foreign goods for the US citizens unfortunately. It’s common sense that an open market such as the US depend on materials that are imported, to make a domestic product.
@MIchael Costello: The tariff money goes to the US government.
@MIchael Costello: sort of but US cars rely heavily on imported parts so will also be hit by tariffs. Trump has no understanding of economics
Was anybody else not really listening to his yap & just hoping the wind would finally reveal what’s going on under that hair flap?
@j m m: yawn..is it 1996?
Canada should ban exports of maple syrup to the US and see how that goes down!
@Alan Kennedy: the US has its own. You can but it from organic farms and it’s very good
@Oh Mammy: America doesn’t produce near enough for the home market.
He is crashing the economy of the US on purpose. There’s no other logical explanation. The man is an absolute bellend.
@Ian: the economy is heading south. But you can make the case that he is making the adjustment now as opposed to dumping it on our grandkids. Either way it has to be done.
@Ian: You’re much too kind to him!
@Oh Mammy: LOL.
@Oh Mammy: our grandkids??
@Ian: your the bell end, you don’t even realise the amount of tax your charged if you want to import a car for example from the states, a car worth 30k from the states you end up paying nearly 54k when all taxes are added but if your in the USA and want a 30k euro car from England or Ireland you pay 34k when all taxes are added in the state. So he is doing the right thing, they are just pressuring for a fair trade deal.
@brendan C5: Donald Trump knows your right if only our government could do things as quickly as him
I said it earlier, I’ll say it again: anyone who still supports this tangerine sex offending nut job, needs a very serious head check.
Dump slapped them on all EU goods because Dump doesn’t understand what they are nor how they work.
@Todd Hebert: grow up man, name calling how mature of you. His name is Donald trump. Go on I dare ya say it, DONALD TRUMP.
@brendan C5: Dump is a good abbreviation as is half wit
Basically a massive recession.
I love the way Trump has to explain what the word reciprocal means to his neanderthal followers, lol!
He does do what he said he would do. We need to prepare for the fallout… In short As a community we are living away beyond our means.
@Peter Brown: your dole will be cut
@John Doe: hope not! with the price of pints and takeaways going up I will need to get a job, if things continue..dont know how I can get up before 11am for a job though
@John Doe: Moral hazard has been ignored and has destroyed many people.
@Peter Brown: Just apply for Ukrainian or Syrian citizenship, you’ll be grand!!!
He has to be the most hated man since Adolf Hitler
Why’s everyone panicking? We’ll lose a few jobs and have a small dent in our economy this and next year but these multinationals need an EU base so they will not all just disappear, operations will just reduce. Realistically we’ll stop running a budget surplus and be roughly breakeven which in the grand scheme of things isn’t something to worry about!
@John Lee: this in addition to the new corporate tax regime will mean the loss of more than a few jobs in the mid to long term. Add in the cost of doing business here and we need a mature discussion.
@Darius Guppy: American labour is so expensive and that coupled with the cost of relocation will make many companies happy to pay tariffs.. it won’t be as severe as expected. Besides that 15% corporation tax will only affect a handful of companies in Ireland and they all have invested €€€ to establish their operations here.
what there really saying is fffg and rich are partying like it’s 1981 with Charlie thigh ting your belt tonight , we locals get screwed with higher prices less saving,when’s next town hall meeting with your local TD go have a chatting!!!!!
Force EU to have a unilateral corporation tax rate, regardless of member state…no loopholes, no scams. Increase the levy every three months if necessary!
@Dan The Man: a common corporation tax was agreed a long time ago
@Dan The Man: what was the 15% agreed by the OECD states then? Was he not in office and pushing for this?
Pharma is exempt from tariffs for now. Intel were also exempt but I didnt hear why. It will be interesting to see if the EU uses Pharma as a bargaining chip. The US is dependent on our drugs.
@GERRY MURPHY: Their drugs but manufactured in Ireland.
Lots of people don’t understand and just buy what trump says. He’s counting vat which doesn’t make sense it’s a sales tax on all goods not just US ones and the US states have sales tax. His 39% figure is nonsense
As an Irish Citizen we are not a fan of Trumps decisions.
However if we were American he is great for the homeland.
We have over the years succeeded in creating wealth for Ireland from American Companies because the system allowed it.
Now we as a small nation have to think think again and use our gains for the better.
Another big tick in the box for Brexit .
@Jack Moss: Absolutely not, the UK is suffering big time since Brexit. It’s a disaster for normal people from shopping to travel, they have less affordability than pre-Brexit. Unfortunately Labour is not helping with the changes that they have brought in either.
@Con Cussed: my brother lives in the UK, involved in the oil industry,he says that the UK is collapsing in on itself
@Con Cussed: EU countries are doing soo great . If the EU is so great why are EU countries suffering just as much as those outside the EU .
@sean weir: well if your brother says so, it must be true
Tariffs are simply a tax on consumers. The very phrase “trade surpluses” that Trump frequently alluded to in his speech while attacking other countries only gives half a story. There are countries that supply mainly goods, physical goods, and there are other things like services that other countries provide. The United States gets a lot of money from providing services. To talk about one part of the trading and ignore the other part fails to understand that money is money no matter whether it’s from goods or services. When you set off a trade war, like any other war, you have no idea how that’s going to end. You’re going to be blindsided by all kinds of consequences. You do not make America great again by raising the price to Americans, which is what a tariff does. It’s basic economics.
So the EU are currently charging the US a 39% tariff and they are now imposing a 20% tariff on the EU. Can someone please explain why everyone is getting so upset about this??
@John Smith: Because the EU aren’t actually charging a 39% tariff on the U.S. It’s just another example of Trump pissing on Americans and telling them it’s raining.
I love trump fair play brother
@Mark: Making European products more expensive for American people to buy, and telling the American people that they’re going to be better off as a result. He’s some boyo alright.
I have zero facts behind this, but surely irelands biggest export to the is is pharma, then tech followed closely by our qualified youth…. Can’t see the Yanks doing without Viagra, Facebook and skilled labour. Think we will be good.
@harry trafford: Tech companies rarely actually export anything to the states. Google, Facebook, etc all run European HQs from Dublin, and in some cases they’re the HQ for everything global outside the U.S. Nothing is exported to the states, and the profits rarely, if ever, end up back on American soil.
The EU and Ireland in particular need to orient their economies away from dependence on the US/UK markets and share the eggs among a more diverse range of baskets to protect against this kind of stuff. We should also seek to limit the influence of American culture in Europe as a whole. We’re Europeans, not Yanks. I for one can think of no worse a future than domination by Americans. Let’s make the EU capable of defending the union against Russia AND the US. and pushing forward European interests.
I’m sad if we were to do an inventory of my area we have less than in 1999. 20000 extra people and not that much in new infrastructure.
Amazing to see President Trump the Irish tax scam economy needs to be totally destroyed its a complete scam.
@Rian O’Sullivan: So, you want Ireland to go back to being a third-world country?
@Rian O’Sullivan: Not really…
There is a lot of finger pointing but look at the efeective rate of corporate taxes in most EU countries…
Effective Tax Rate: Airbus’s effective tax rate for 2022 was 3.6%.
Renault’s effective tax rate hit its 5-year low in December 2020 of -5.5%.
Ireland just has it simplified a lot more than others and shaved a few points… Let’s be clear, no one is paying the corporate rate…
@Jack Dermody: Tax is paid on profits, not revenues. Any examples of companies not paying the corporate rate on profits?
@Todd Hebert: Yes I want Ireland to have a real economy not based on the whim of US multinationals that would up sticks and leave tomorrow if it suited their bottom lines better.
The Greatest Showman?
Trump will sink the economy, when shares bottom out in companies he will buy them on mass, then call off tarrifs, the markets recover and he will make a ton of money.
Trump as useful as a chocolate fire guard
I think in December or January I said people in Ireland should be overly concerned about tax increa specific on Ireland and look didn’t happened
Look RU avoided sanctions, we can just do the same..
Soo, Trumpy Dumpty tarrifing the crap out of uninhabited islands….. Pure Genius!!!! Musk splits due to someone sending a Scud up his chuff pipe…… Here’s one for ya, send Nothing west, ( USA Stance, Nobody’s buying our Crap……CRAP ) let Europe sell within Europe at a knockdown price with each other, (we all could benefit) Hold back on pharma, SOME FAT LAZY YANKS MIGHT, JUST MIGHT BENEFIT……..Turn the table, What’s the Worst that could happen???? WHO holds all “The Cards” then??….. Best way to get rid of a Bully, is, To Bully The Bastad….
Are the Aran Islands exempt – plausible!?
Perfectly within his rights.
70 to 80 percent of our trade is with europe.
Scaremongering once again.
have your say