U.S. President Donald Trump on Wednesday accused Ireland of stealing pharmaceutical jobs and tax revenues from the United States.

The American president was referring in particular to the fact that Ireland, known for its tax advantages, technically exports around €50 billion worth of medicines each year, much of which never actually touches Irish soil.

This practice, known as “profit shifting,” allows companies to manufacture their medicines partially or entirely outside Ireland but declare their profits there due to the location of intellectual property or legal rights.

“Ireland was very smart. They took our pharmaceutical companies away from presidents that didn’t know what they were doing and it’s too bad that happened,” Trump said.

According to estimates from Ireland’s national budgetary regulator, 75% of corporate tax revenue is paid by large U.S. multinationals.

However, the Irish do not seem inclined to panic about Trump’s attention.

“We try to control what we can control. We create jobs, economic activity in the U.S. It’s just business. There are compromises to be made, but we must not forget that the economic relationship is very important, for Ireland, for the EU, and also for the United States,” an Irish diplomatic source told Euractiv.

On the sidelines of Irish Prime Minister Micheál Martin’s three-day US visit, another Irish diplomatic source told Euractiv that Dublin can soften Trump’s stance by focusing on its innovation and research, which benefits patients as well as American companies.

Nearly half of Ireland’s corporate tax revenues are “volatile” and based on “fictitious exports, said Aidan Regan, professor of political economy at University College Dublin, in an interview with The Guardian. The risk for Ireland is that companies could maintain physical structures there but repatriate their profits to the United States, Regan said.

Trump’s comments, coupled with his threat of 25% tariffs on a range of products and sectors including pharmaceuticals, are at the core of his strategy to pressure drug companies to relocate their activities to the United States.

The Irish Pharmaceutical Healthcare Association (IPHA) expressed confidence in the stability of the 50,000 jobs in Ireland’s pharmaceutical sector.

“Pharmaceutical manufacturing is a long-term investment and in Ireland we are fortunate to have attracted and retained many investments over 50 years through many different circumstances. We think this can continue and we are very supportive of Ireland’s Foreign Direct Investment Agency and the Government’s commitment in this respect,” the IPHA told Euractiv.