Taoiseach Miche\u00e1l Martin said President Donald Trump should keep in mind that US pharmaceutical firms based in Ireland will be “damaged and undermined” if he goes through with his latest sectoral tariffs threats.<\/p>\n
Mr Trump said the 15% baseline agreed in the EU-US tariff deal last month would only apply to the pharmaceutical sector for “one year, one-and-a-half years maximum”.<\/p>\n
The US President also said “it’s [the pharmaceutical tariff] going to go to 150%, and then it’s going to go to 250% because we want pharmaceuticals made in our country,” before specifically referencing companies based in China and Ireland.<\/p>\n
It follows the European Commission’s spokesperson on trade Olof Gill insisting that the 15% rate is an “insurance policy”.<\/p>\n
His comment comes amid a section 232 investigation into tariffs on pharmaceutical that is under way taking place in the US.<\/p>\n
The probe could result in Mr Trump, rather than the US Congress, attempting to unilaterally increase pharmaceutical tariffs above the 15% rate.<\/p>\n
He alluded to before his deal with the EU by telling reporters the pharmaceutical sector is “special”.<\/p>\n
However, responding to Mr Trump’s suggestion that pharmaceutical tariffs could surge far above the agreed 15% rate in the future, Mr Martin said this should not be the case.<\/p>\n
He added that Mr Trump should keep in mind that US pharmaceutical firms based in Ireland will be “damaged and undermined” if any tariff increases occur.<\/p>\n
“I’ve had some more recent conversations in light of the negotiations between the EU and US.<\/p>\n
“There are certain realities applying here, and the overall point I would make is that tariffs are not good for the world economy, they’re not good for people, workers or consumers.<\/p>\n
“And in the context of pharmaceutical companies, the US has gained increasing share of European pharmaceutical market and indeed of Asian markets because of their presence in the markets.<\/p>\n
“The companies are global powers now, really globally strong companies, because of their presence in Europe, Ireland being one of the countries that they’re present in,” Mr Martin said.<\/p>\n
He added: “Ireland has added value and strength to those companies, and I would say to the [US] President he needs to factor that into the equation.<\/p>\n
“Those companies will be damaged and undermined if such policies were to bear fruit.<\/p>\n
“But we understand, and I’ve been in touch with the president of the commission last week and Commissioner \u0160ef\u010dovi\u010d, that the 15% is what’s being negotiated, has been negotiated, between the US and EU.”<\/p>\n
The presence of multi-national companies and international pharmaceutical firms in Ireland is a key component of the current Irish economy, directly impacting on thousands of jobs across the country.<\/p>\n","protected":false},"excerpt":{"rendered":"Taoiseach Miche\u00e1l Martin said President Donald Trump should keep in mind that US pharmaceutical firms based in Ireland…\n","protected":false},"author":2,"featured_media":323229,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5311],"tags":[49,978,659],"class_list":{"0":"post-323228","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-united-states","8":"tag-united-states","9":"tag-us","10":"tag-usa"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114983353981904819","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/323228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=323228"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/323228\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/323229"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=323228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=323228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=323228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}