Despite concerns about potential job losses in Ireland due to the new tariffs, Martin expressed confidence that Irish companies would maintain access to the US market.

Martin clarified that the 15% tariff on pharmaceutical exports is a ceiling rate, which counters suggestions from US President Donald Trump.

He indicated that the government would assess the implications of the tariffs on the upcoming budget, scheduled for October, emphasizing the need for strategic support for businesses.

The EU will face 15% tariffs on various goods entering the US, including cars and pharmaceuticals, while certain products like aircraft will benefit from zero tariffs.

Despite the current agreement, ongoing negotiations and the potential for higher tariffs create a climate of uncertainty for Irish businesses, prompting concerns over job losses.

Martin highlighted the need for the EU to reduce internal market inefficiencies and pursue more ambitious trade diversification efforts to navigate the complexities of the tariff differential.

He reiterated that Europe never sought to impose tariffs, emphasizing the importance of stability and predictability for businesses and consumers.

Martin noted that the current situation is significantly improved compared to before April 1, indicating new realities in trade relations.

Irish Taoiseach Micheal Martin announced a new trade agreement between the US and EU, which successfully averted a potentially damaging trade war.

While no one welcomes the new baseline tariff of 15%, Martin emphasized that the agreement helps prevent further escalation of trade conflicts that could harm both the US and EU economies.

Reactions to the deal have been mixed across Europe, with some leaders criticizing it as unbalanced, while others view it as the least bad outcome compared to the risk of a larger tariff increase.

The proposed 15% tariff is significantly higher than the previous average of just under 5% for EU imports, raising concerns for Irish businesses regarding the economic impact.