{"id":22308,"date":"2025-08-25T14:26:10","date_gmt":"2025-08-25T14:26:10","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/22308\/"},"modified":"2025-08-25T14:26:10","modified_gmt":"2025-08-25T14:26:10","slug":"burke-announces-market-diversification-plan-in-response-to-tariffs-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/22308\/","title":{"rendered":"Burke announces \u2018market diversification\u2019 plan in response to tariffs \u2013 The Irish Times"},"content":{"rendered":"

The Government has announced a new \u201cmarket diversification\u201d strategy to mitigate the impact of US tariffs<\/a> on Irish businesses <\/p>\n

The action plan, developed jointly by the Department of Enterprise and the Department of Foreign Affairs, will offer exporting firms grants and other supports to explore new market opportunities outside of the US.<\/p>\n

It comes in the wake of the recent European Union-US trade deal which includes a 15 per cent tariff on most European Union (EU) exports to the US, a levy that is seen as particularly damaging to the food and drink sector here.<\/p>\n

Minister for Enterprise Peter Burke<\/a> said the plan was a response to the \u201chuge uncertainty\u201d hanging over the global trading environment which left Ireland, as a small export-led economy, \u201cexposed\u201d.<\/p>\n

[\u00a0Enterprise Ireland unveils support grants for clients impacted by tariffsOpens in new window<\/a>\u00a0]<\/p>\n

He said the plan should be seen as Ireland entering a new phase of trade development rather than a move away from the US market.<\/p>\n

The US is Ireland\u2019s largest trading partner, accounting for 30 per cent of the State\u2019s total trade (in goods and services) last year.<\/p>\n

Minister Burke noted that his department\u2019s \u20ac3.6 billion budget allocation under the revamped National Development Plan<\/a> (NDP), which includes \u20ac600 million in additional money, would help fund the 100-point action plan.<\/p>\n

\"\"Why is Ireland not considered a truly rich country?<\/p>\n

Under the plan, Enterprise Ireland will offer client companies market research grants of up to \u20ac35,000 to assess \u201cthe full impact of tariffs, gain market insights and develop mitigation strategies\u201d.<\/p>\n

There would also be a new markets validation grant of up to \u20ac150,000 for companies to develop market entry strategies for new markets or new products.<\/p>\n

As part of the plan, the Government will also review its \u201cincentive offering\u201d, across grants and tax which support existing businesses. <\/p>\n

[\u00a0Ireland has a golden economic opportunity. Don\u2019t blow itOpens in new window<\/a>\u00a0]<\/p>\n

It will develop a new \u201cstrategic air access fund\u201d with the aim of introducing new long-haul routes into and out of Ireland while allocating more resources to support faster processing of legal migration visas and permissions. <\/p>\n

Of the 950 Enterprise Ireland client companies that currently export to the US, the agency estimates that approximately 450 will be \u201cmost impacted\u201d by the new 15 per cent tariff.<\/p>\n

Mr Burke insisted the Government would not be scaling back its planned budget spend in face of Washington\u2019s new US tariff regime.<\/p>\n

As part of the Summer Economic Statement, Minister for Finance Paschal Donohoe announced the upcoming budget <\/a>would be framed around a \u20ac9.4 billion spending and tax package.<\/p>\n

\u201cThe budget arithmetic still stands,\u201d he said, while hinting the Government\u2019s growth projections could change in tandem changing growth patterns in export markets, including the US and China.<\/p>\n

\u201cIreland\u2019s economic model is built on open access to global markets, underpinned by free-flowing trade and investment,\u201d he said.<\/p>\n

\u201cThat openness makes us agile, but it also means we are exposed to changes in global trade patterns and currency movements. This action plan is about ensuring we stay ahead of those changes, on behalf of the many innovative Irish businesses with high-value products to export,\u201d Mr Burke said <\/p>\n","protected":false},"excerpt":{"rendered":"The Government has announced a new \u201cmarket diversification\u201d strategy to mitigate the impact of US tariffs on Irish…\n","protected":false},"author":2,"featured_media":22309,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[175],"tags":[10471,79,18,12586,19,17,188,46,19121],"class_list":{"0":"post-22308","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-budget","9":"tag-business","10":"tag-eire","11":"tag-enterprise-ireland","12":"tag-ie","13":"tag-ireland","14":"tag-markets","15":"tag-paschal-donohoe","16":"tag-peter-broderick"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/22308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=22308"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/22308\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/22309"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=22308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=22308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=22308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}