Conor Murphy (Sinn Fein) | Oireachtas source

I will share my time with Senator Chris Andrews. The Tánaiste's presence this morning was welcome and timely given the events overnight. We had the opportunity not only to hear from him directly but also to hear responses from Seanadóirí who are here. I agree with his assessment of tariffs generally and their destructive nature. The United States Government has embarked on an enormous act of self-harm, which is not reciprocal in its approach at all and is very regrettable. I welcome the Tánaiste's remarks about the need for coolness and maturity in the approach to this, and the ability to open negotiations and dialogue to try to resolve these issues. I also in that regard noted the comments of the European Commission President this morning, which seemed to moderate previous language that had been used. That is welcome. It is in no one's interest to end up in a trade war that harms everyone and simply fuels inflation. The effects of that will be felt by ordinary working families and households in all parts of the world.

The immediate focus the Tánaiste outlined, on ensuring that potential damage is averted and that we protect jobs and the economy, is correct. For our part in Ireland, we need to ensure across the island that businesses are supported, primarily with information initially. The Government trade forum could play a useful role in that. We also have InterTradeIreland, which operates between both Administrations, North and South, to ensure that, in the first instance, our business sectors, which will be concerned about developments, have all the information necessary and then whatever other supports might be needed in the time ahead.

I welcome the remarks the Tánaiste made, which were not in the script provided, about the all-island economy and his engagement with my former ministerial colleagues in the Executive. I spent some time yesterday engaging with the economy minister north of the Border, Caoimhe Archibald. The increased complexities of these developments in our post-Brexit arrangements need to be understood. The likelihood of increasing designation of goods at risk and the complex and uncertain reimbursement procedures that might involve are a significant concern to the North and businesses in the North, particularly at a time when the economy has been outperforming Britain recently, with higher growth rates and higher export performance. The all-island economy has been thriving. I know from my experience in previous times as finance minister and also as an economy minister, dealing with Brexit matters and the approach of the British Government, which could have disastrous consequences for business on this island, that the close working relationship between Executive ministers, Government Ministers here and the European Union was critical in at least mitigating some of the worst circumstances. The ongoing challenge for us is that last night's approach by the US Government is just the latest in a series of economic shocks that we have seen with the pandemic and the conflicts in Ukraine and the Middle East. These will not end any time soon. It is a time to look at the vulnerabilities and the particular exposure that the Irish economic model has in that regard, and to start taking steps to address those vulnerabilities; namely, the concentration of corporation tax receipts among a small number of multinational corporations; the lack of diversification among the FDI base in terms of sector, geography and region; and infrastructural deficits in areas like housing, energy, ports and airports. We need to take the necessary steps to support our indigenous businesses, to increase exports, to grow talent across the island, and to trade across the island and internationally. We will undoubtedly face challenges in these uncertain economic circumstances but at least the conversation will not be about reshoring; it will be about how we develop and support our own businesses.

There are longer term lessons to be taken from this experience. The economic uncertainties will continue regardless of what emerges from the United States approach. Ireland needs to examine the economic model which leaves us particularly exposed to some of the uncertainties in a growingly uncertain world in the time ahead. I thank the Tánaiste for his remarks and I look forward to hearing the response from his colleague.