Ireland's Taoiseach Micheál Martin has today, Thursday, April 3, further responded to US President Donald Trump's announcement yesterday that the US will be imposing 20% tariffs on imports from the European Union, including Ireland.
"Ireland believes in open and free trade and that the imposition of tariffs is bad for the world economy," the Taoiseach said on Thursday, speaking outside of Government buildings in Dublin.
"I deeply regret the United States' decision to impose 20% tariffs on imports from across the European Union. We see no justification for this.
"More than 4.2 billion worth of goods and services are traded between the European Union and the US daily. Disrupting this deeply integrated relationship with tariffs and increased protectionism benefits no one.
"Tariffs drive inflation, hurting people on both sides of the Atlantic, and they put jobs at risk."
The Taoiseach continued: "We will now reflect with our European Union partners on how best to respond. It is important that our response is considered and measured. Any action should be proportionate, aimed at defending the interests of our businesses, workers, and citizens.
"Now is a time for dialogue, and I believe that a negotiated way forward is the only sensible one. A confrontation is in no one's interests.
"Ireland will be a strong advocate for a constructive solution which enhances the existing and strong transatlantic trading relationship.
"As a small, open economy and as a country that has built our prosperity on a policy of free and fair trade, there is no doubt that the imposition of tariffs by the US will have an adverse impact.
"Ireland's priority is the protection of jobs and our economy. We are starting from a position of strength and our economy is resilient.
"It is important that we focus on factors that we can control, including improving our competitiveness and investing in infrastructure.
"By working with Irish-owned companies, with multinationals based here, with our European Union partners, and bilaterally with the United States, we can and will weather this storm."
I deeply regret the United States decision to impose 20% tariffs on imports from across the European Union.
It is important that our response is considered and measured and the action should be proportionate, aimed at defending the interests of our businesses and citizens. pic.twitter.com/tVNnDqFU5L
— Micheál Martin (@MicheálMartinTD) April 3, 2025
The Taoiseach offered similar sentiments in an initial response last night, which he shared not long after Trump made the tariff announcements during his 'Make America Wealthy Again' event at the White House.
The decision by the US tonight to impose 20% tariffs on imports from across the European Union is deeply regrettable.
I strongly believe that tariffs benefit no one.
My priority, and that of the government, is to protect Irish jobs and the Irish economy. pic.twitter.com/L2dc6jnzOO
— Micheál Martin (@MicheálMartinTD) April 2, 2025
"Liberation Day"
On Wednesday, Trump announced sweeping tariffs on foreign imports in what he described as "Liberation Day" for the US.
"This is one of the most important days, in my opinion, in American history," Trump said, adding, "It’s our declaration of economic independence.”
After noting that the previously announced 25% tariff on all foreign-made automobiles would begin after midnight, the US President moved on to what he called "discounted reciprocal tariffs."
He said: “European Union - they’re very tough, very, very traders. You know, you think of European Union, very friendly, they rip us off, it’s so sad to see. It’s so pathetic.
“[The EU charges] 39% [tariffs], we’re going to charge 20%, so we’re charging them essentially half.”
Meanwhile, the United Kingdom - including Northern Ireland - will be subject to 10% tariffs.
Trump claimed: "These tariffs are gonna give us growth like you haven't seen before, and it'll be something very special to watch."
You can watch US President Donald Trump announce the new tariffs here:
Stock market response
Trump's tariff announcements on Wednesday were met with a marked stock market response on Thursday.
"Wall Street's major indexes plunged at today's [Thursday's] opening, with the Dow Jones sinking 2.6%, while the S&P 500 tumbled 3.3% and the Nasdaq Composite plunged 4.5%," according to RTÉ News, which added that European shares "also slumped to a two-month low."
RTÉ News added: "The Frankfurt DAX had dropped 2.4% this afternoon, while the Paris CAC sank 3.2% and London's FTSE index was down 2.4% after Trump hit Britain less hard than the European Union.
"Dublin's ISEQ index was down 2% this afternoon with the banking shares all nursing losses.
"Meanwhile, the dollar was swept to a six-month low after President Donald Trump imposed tariffs that raise effective import taxes to the highest levels in a century."
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