Ireland is “not exactly celebrating” the new EU-US trade deal, according to Neale Richmond, a minister of state in Ireland’s foreign affairs department. While the deal provides certainty, Richmond described it as the “least bad option” given the prospect of a 30% tariff. “We’re not exactly celebrating this, it’s not a case that this is a good thing but it’s probably the least bad option based on what we were facing a couple of days ago, the prospect of a 30% tariff,” Richmond told BBC Radio Ulster’s Good Morning Ulster.
The deal, announced by US President Donald Trump and European Commission Ursula von der Leyen, imposes a 15% tariff on all EU goods, half the 30% import tax rate Trump had threatened to implement. The EU’s top official hailed the deal, saying it will bring stability for both allies, who together account for almost a third of global trade. “The EU is a tough negotiator but this isn’t like any trade deal I have ever experienced before, in my 15 odd years of working on EU trade deals,” Richmond added.
Richmond emphasized that the deal will provide certainty for businesses. “We don’t want a tariff war, tariffs are a bad thing. We want stability for businesses and we have that today,” he said. Taoiseach Micheál Martin also welcomed the deal, saying it will help protect jobs in Ireland. “The news of the trade deal is very welcome… the agreement will bring a new era of stability and will help protect many jobs in Ireland,” Martin stated.
However, former UK ambassador to the US Lord Kim Darroch had a more skeptical view, describing the deal as a “backwards step”. “As an outcome, it’s a relief I guess for everyone in the European Union that it’s not worse, but this isn’t an inything for great celebration, this is a backwards step,” Darroch said.
The pharmaceutical sector is a significant concern for Ireland, with Richmond noting that there is a “case made” that certain medications would be tariff-free. “The pharmaceutical sector isn’t just really important to a lot of Irish businesses, it must be said it’s really important to a lot of American consumers and crucially patients who rely on these drugs too,” he emphasized. The EU and US will continue to negotiate technical details over the next few weeks.
In 2024, Ireland exported goods worth £60.4 billion ($81.1 billion) to the US, making it the most reliant on the US as an export market among EU countries. The deal still requires approval from EU member states, whose ambassadors will meet for a debrief from the commission. Given Ireland’s significant trade relationship with the US, the implications of Trump’s tariffs could be substantial, potentially affecting various sectors, including pharmaceuticals and food exports.