Colm Burke (Cork North-Central, Fine Gael)
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65. To ask the Minister for Finance the actions he and his Department are taking to respond to the trade uncertainty in the current economic climate; and if he will make a statement on the matter. [28252/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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It is clear that the global economy is facing into a period of considerable uncertainty, and recent announcements mark a distinct acceleration toward more inward-looking trade policies. As a highly globalised economy, Ireland is of course exposed to any reversal of the global economic integration which has helped to transform living standards in recent decades.

In light of the changes in the global tariff landscape in recent weeks, my Department’s Annual Progress Report contained an ‘alternative scenario’ estimating the potential impact of tariffs in place at the time of publication. When compared with the ‘no transatlantic tariff’ scenario, the alternative scenario suggests a downward revision to growth rates of GDP, modified domestic demand and employment.

My department will continue to monitor ongoing developments and assess how these specific announcements will impact various sectors across the Irish economy. Government will continue to engage in discussion at an EU level, as well as engaging with our US counterparts.

It is also imperative that we focus on enhancing the competitiveness of the domestic economy, something that is well within our control and influence. To this end, we will continue to focus on addressing infrastructural bottlenecks in key areas such as energy, water, housing and transport, as well as investing in education and skills. We must also continue to build up our fiscal buffers, including through transfers to the Future Ireland Fund and the Infrastructure, Climate and Nature Fund , to ensure that the public finances remain on a sustainable trajectory.

While we are facing an uncertain and challenging external economic landscape, it is important to bear in mind that we are facing these challenges from a position of strength. I am confident that if we follow this approach Ireland will remain an attractive location for both foreign and domestic investment.