Dr. Conor O'Toole:

Yes, I will let Dr. Egan come in on this as well. When I think about the overall impact of tariffs, two things come to mind. The first question is whether pharma will get a carve-out or not. That is our biggest, direct goods export, particularly to the US, and that will be directly affected if there is a tariff on it. The second question is to what extent the services exports such as computer services exports by US multinationals to the rest of the globe get dragged into the reciprocal measures through the non-tariff barriers. Will there be any spillover to this activity that could affect the digital activities? If that is the case, it will have a big negative effect on Ireland because those firms have lots of exports here and employ many people.