Beyond the US for business

Ireland's deputy prime minister says companies now need to look beyond the US for business

From CNN's Ryan Hogg

Ireland’s deputy prime minister has called for the country to “diversify” its export markets as fresh US tariffs kicked in for scores of countries Thursday.

Although the vast majority of Irish exports to the US have been subject, since August 1, to a maximum tariff of 15% agreed between the European Union and Trump, the American president has signaled in recent months that the US could implement taxes of up to 200% on pharmaceutical and alcohol imports – both key exports for Ireland.

Simon Harris, who is also Ireland’s minister for foreign affairs and trade, said he was eager to see more progress on trade talks on these vital sectors.

Major US drugmakers including Pfizer and Eli Lilly manufacture drugs in Ireland for US customers. Meanwhile, the US accounted for around 40% of Irish whiskey exports last year.

Ireland recorded a trade surplus of €50.1 billion ($58.3 billion) with the US in 2024.

“We must also look for other opportunities to diversify markets for Irish business,” Harris said in a statement. “While we want to continue to do business with the US and indeed want to grow business, it is important that we take every opportunity to identify new markets.”

Harris will release an action plan this month focused on diversifying Ireland’s markets.