Cian O'Callaghan (Dublin Bay North, Social Democrats) | Oireachtas source

Donald Trump has called 2 April "Liberation Day" because it is the day he plans to launch a global economic war. Ireland will inevitably be impacted but the extent had been unclear. However, last night we learned that Donald Trump has pharmaceuticals in his cross hairs. He said, "... we love Ireland, but we're going to have that," referring to our pharma sector. Trump’s toxic love affair with the country could cost us dearly. Given that pharma comprises approximately €100 billion or 45% of our goods exports this is hugely concerning. The pharma industry and the people who work in it are a critically important part of our economy. We know tariffs will have a negative impact on Ireland. However, the ESRI warned that the impact could be much worse if pharmaceutical products are targeted. Are we now veering towards the worst-case scenario the Government has modelled? That could mean the loss of up to 80,000 jobs and billions of euro in lost trade. Nobody wants to be alarmist or cause unnecessary worry but we must be prepared for whatever economic threat is coming. We must do whatever we can at home and through our engagement with the EU to cushion the blows.

I do not think anything the Taoiseach said or did in Washington DC a few weeks ago could have changed this outcome. Donald Trump is megalomaniac convinced tariffs will turbocharge the American economy. He will not or cannot listen to facts, logic or reason. The Government is in no way responsible for Trump’s behaviour. It is, however, responsible for the reckless promises it made during the election. The country went to the polls just four months ago. It was obvious at that time from Trump’s election that there was huge economic uncertainty. Despite this, Fine Gael and Fianna Fáil spent the election promising tax cuts and large spending increases. The Social Democrats warned them this was a reckless approach. The Government has now admitted these tax cuts may never materialise. As a small open economy with huge trade with the US, Ireland is more exposed than most. How the EU decides to retaliate to Trump’s tariffs will have a huge impact on Ireland. The question is: as a small member state, how much input do we have into the EU response? As Eurogroup president, what is the Minister’s insight into this? Will he tell us about any plans for supports for impacted industries? Does he now regret making populist promises during the election which he is already rowing back on?

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