Naoise Ó Cearúil (Kildare North, Fianna Fail)
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6. To ask the Minister for Finance the proactive measures his Department is implementing to mitigate and support the most vulnerable sectors of the economy from the potential risks for substantial economic disruption due to impending US tariffs. [15890/25]

Naoise Ó Cearúil (Kildare North, Fianna Fail)
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Given the recently announced 20% US tariffs on EU goods, which is double the 10% rate applied to Britain and Northern Ireland, and considering the exposure of the Irish economy, particularly export-reliant sectors and jobs, what proactive and specific steps is the Minister's Department taking to support those most vulnerable, including multinationals, SMEs and workers in mitigating these deeply concerning economic risks?

Paschal Donohoe (Dublin Central, Fine Gael)
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I thank the Deputy for raising the significant announcements that were made during the night. The Government is initiating a number of steps, but the Deputy will understand that I need to be honest and clear in setting expectations of what we can do. This is a deeply serious issue. Unfortunately, it is a significant moment in how global trade is conducted and what that can mean for jobs, income and prices all over the world, most particularly the country that the Deputy and I are trying to play a role in guiding through all of this.

As to our engagements and proactivity, it has been in publishing our best estimate regarding what it will mean for our economy. I have been engaging with fellow finance ministers in the EU and across the world on this. A further meeting on this situation will be happening at the end of next week in Warsaw where we are being hosted by the Polish Presidency of the European Union. The Tánaiste and Minister for Foreign Affairs and Trade will be engaging with fellow governments as early as Monday. Before that happens, he has convened a meeting of our trade forum in which all Ministers who are involved in this will be present along with all of the representative bodies. I believe that meeting will happen as soon as early tomorrow afternoon, given the seriousness of this issue.

Regarding the supports that we can make available to companies and how we engage with them, that engagement will be through such organisations as the IDA and Enterprise Ireland, EI. We are talking about trade, for Ireland alone, of tens of billions of euro. If that was affected in any way, no Government could put in place measures that could take the place of that trade. What we will have to do is engage with companies individually to see how we can assist them in finding new markets or dealing with negotiation that awaits.

It is very serious, but by working within our economy, we will find ways of adjusting and responding to the difficult announcements of the night.

Naoise Ó Cearúil (Kildare North, Fianna Fail)
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I thank the Minister. I appreciate the immediate steps the Minister, the Taoiseach and the Tánaiste are taking but Ireland is uniquely exposed. Our export economy depends heavily on the US, which accounts for nearly one third of our total exports. Unlike Britain and Northern Ireland, which face a 10% tariff, we are hit with the 20% rate as members of the European Union, which puts us at a disadvantage. Key sectors such as agrifood and advance manufacturing are now vulnerable, not just in terms of competitiveness, but also in terms of employment, as the Minister mentioned. This morning, IBEC already announced a forecast of a 2% to 3% hit on exports in the short term.

There is a real risk in terms of job losses, investment slowdown and pressure on regional economies that rely on trade-driven growth, particularly around Cork, where people have been quite vocal in the news this morning. The situation is compounded by Northern Ireland's position under the Windsor Framework, which could see trade diverted away from the Republic. We cannot afford to be passive.

I appreciate that negotiations are a key part of this and that the Minister is playing a crucial role in that.

Paschal Donohoe (Dublin Central, Fine Gael)
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It is vital that we keep the Dáil informed of this and that all TDs be aware of what is taking place. I am aware that employers and workers in Cork will be feeling particularly worried today. It is something that affects everybody but I am conscious that large life science and medicine producers are located in Cork, many of which have been there for decades. Some very important food and drink manufacturers, farmers and suppliers that are located in Cork are also worried about what this will mean for their food, agricultural and drink exports to the US. I am very much aware of this. We are engaging with them to hear their views. We will have to work to see if we can avoid the worst happening in the short term. That is why negotiation is vital, but we will see a big change happening in the global economy and we will need to support employers and firms in moving to that new equilibrium. They know this is happening and we will have to work with them to see how we can continue to support the growth of our economy. As the Deputy notes, our forecasts based on what is currently happening are for a lower level of growth but for our economy to still have very high levels of employment.

Naoise Ó Cearúil (Kildare North, Fianna Fail)
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I should mention Intel and Kerry Group in my constituency of Kildare North and the impact they might face.

As the Minister noted, we need a co-ordinated and multilayered response to this. First, we should push diplomatically, particularly to our partners in the EU, for a negotiation of exemptions or reductions, especially for high-value sectors like agrifood in Ireland. Second, I would love to see a financial support package to be made available, with grants, bridging finance and tax reliefs for those firms directly affected. This would come under the Minister's Department. Third, workforce supports such as upskilling, reskilling and job transition schemes must be activated. Finally, we must protect not only our businesses, but also our workers and the communities that depend on them.

I pay tribute to the late Mick O'Dwyer, whose passing was announced this morning. Micko was a legend of the GAA, particularly in Kerry, but we have a great fondness for him in Kildare for delivering two Leinster titles and bringing us to an all-Ireland final. I was quite young at the time but they are very positive memories. I acknowledge him and his contributions to Irish life and society over his many years. Ar dheis Dé go raibh a anam.

Paschal Donohoe (Dublin Central, Fine Gael)
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May he rest in peace. Many members of the GAA family in Kildare will be feeling particularly sad today. I thank the Deputy for mentioning that.

Regarding the Deputy's constituency, employers like Intel have made a magnificent contribution to the employment and growth of our economy, but they also make an important contribution to the European economy through the work they do in semiconductors and a high level of technologically advanced manufacturing. We will of course engage with companies like those because they and many other employers have been in our country for decades and have contributed to the US. By being globally present, they have allowed US companies to become even more successful. Even at this late stage, that is the case we continue to need to make. Through their presence in Ireland, those US companies have been more successful in the US. Being in Europe has contributed to their global performance. We will continue to make that case and will take on board the important issues raised by the Deputy about employers in his constituency.

Brian Brennan (Wicklow-Wexford, Fine Gael)
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I acknowledge the Deputy's comments on Mick O'Dwyer. I had a personal involvement with him in Wicklow GAA. I was sponsor and he was manager. He was one of the most amazing characters I have ever come across. The legacy he has left the GAA world is priceless.