Taoiseach Micheál Martin has welcomed the trade deal between the EU and the U.S.
The deal will see a 15 percent tariff on imports from the EU into the U.S. after discussions between President Donald Trump and European Commission President Ursula von der Leyen, this during talks in Scotland over the weekend.
Last month President Trump threatened to impose a 30 percent tariff on EU imports from August 1.
No decision has been made in relation to spirits exported from the EU into the U.S., a matter which will have a bearing on the Irish whiskey industry.
Micheál Martin said the trade deal brought clarity and predictability to the trading relationship between both trading blocs that have a combined population of roughly 800 million.
“The agreement is a framework and there will be more detail to be fleshed out in the weeks and months ahead,” he said.
“It does mean that there will now be higher tariffs than there have been and this will have an impact on trade between the EU and U.S., making it more expensive and more challenging.”
Tánaiste Simon Harris said that the deal avoids a 30 percent tariff being imposed from this Friday.
“While Ireland regrets that the baseline tariff of 15 percent is included in the agreement, it is important that we now have more certainty on the foundations for the EU-U.S. trade relationship, which is essential for jobs, growth and investment. President von der Leyen described this as 15 percent tariffs across the board as all-inclusive.
“There is still a lot of detail on the agreement which will need to be brought forward including in relation to pharma, aviation and other sectors.
"Over the coming days, we will be examining what has been agreed and the full implications for Irish business and the economy, including any implications for the all-island economy.”
