The effect of Trump's tariffs on Ireland - Trade war risks up to 80,000 jobs
The Irish government has warned that the country could lose up to 80,000 jobs if US President Donald Trump launches a trade war with the EU.
The estimated jobs represent almost half of the workforce in Ireland's multinational sector, which the US president will target to repatriate jobs and taxes.
In the worst-case scenario, "it is very possible that between 50,000 and 80,000 jobs that would have been created or maintained within the economy will no longer exist," Ireland's finance ministry said.
The government also responded to US allegations that Ireland was running a "tax scam". "We have most of the bilateral treaties, tax treaties as part of the EU as well. So we have absolutely no tax scam in this country. We are very clear in terms of transparency," the official sources announced.
According to US claims, "Ireland last year had a budget surplus of $60 billion. While the US lost $2 trillion," But this data is not accurate, according to Dublin. In 2024, Ireland recorded a surplus of €25 billion that included Apple's surprise tax of €14 billion, the result of a long tax battle.
Official government data showed that Ireland last year ran a trade deficit with the US of almost €93 billion when goods and services were taken into account. It included a trade surplus in goods of around €70 billion, but a deficit in services of €163 billion.
Trump has already said he will impose tariffs against the EU on April 2, a date he has described as "liberation day."
Experts say US tax changes could have a bigger impact on Ireland's life sciences sector than tariffs, with manufacturers reluctant to close factories that require years of planning to open.
Last week a report from the Irish Institute of Economic and Social Research showed that the Irish economy could shrink by up to 3.7% under a worst-case trade war scenario.
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