Ireland’s Finance Minister Worried About US Tariffs on Medicines
Ireland’s finance minister, Paschal Donohoe, has warned that new US tariffs on medicine exports could create serious economic problems for Ireland.
According to BBC, Donohoe said the government is preparing for “real and significant” challenges if US President Donald Trump moves forward with his plan to tax imported pharmaceuticals.
Trump recently suggested that the US should make its own medicines instead of relying on imports. During a meeting with Ireland’s Prime Minister, Micheál Martin, he even joked that Ireland controls the entire US pharmaceutical industry, BBC reported.
Pharmaceuticals are one of Ireland’s biggest exports, and many international drug companies operate in the country. If tariffs are imposed, these companies might face extra costs, which could affect jobs and Ireland’s economy.
According to BBC, Donohoe admitted that “it’s going to be difficult,” but he believes Ireland can rise to the challenge with its strong economy.
Despite the uncertainty, Irish exports to the US have jumped by 80% in January 2025, as companies rush to get their products into the US before the tariffs begin, BBC noted. The government’s priority now is to protect Irish jobs and work with affected businesses to minimize the damage.
This situation highlights how global trade policies can have huge effects on small countries like Ireland, as noted by BBC.
If the US pushes forward with these taxes, Ireland may have to find new strategies to keep its economy strong.
Credit: BBC
https://www.bbc.com/news/articles/crrdrdvql1ro