Photo credit: www.cbsnews.com
Washington — Irish Taoiseach Micheál Martin expressed optimism regarding the potential for dialogue to address the ongoing trade tensions between the United States and the European Union. This statement follows President Trump’s recent threats to levy a staggering 200% retaliatory tariffs on European wines and alcoholic beverages.
The proposed tariffs are a reaction to countermeasures implemented by the European Union in response to Trump’s earlier tariffs on steel and aluminum imports.
During an interview with CBS News, Martin remarked, “The current landscape is fraught with uncertainty. Tariffs often hurt trade relations, adversely affecting businesses and driving up consumer prices. This situation is unfavorable for all involved. We hope that over time, these matters can be resolved through negotiations, leading to an agreeable solution for those affected.”
Martin pointed out that the U.S. president is well aware of the trade surplus that Ireland enjoys, particularly in the pharmaceutical sector.
“However, when considering services, it’s clear that Ireland faces a deficit,” he noted.
Martin emphasized the multifaceted nature of the economic relationship between the U.S. and Ireland, describing it as a “two-way street.” He highlighted significant Irish investments in the U.S. economy, noting that more than 700 Irish firms have generated upwards of 50,000 jobs across various states. He also mentioned that Ryanair, an Irish airline, recently ordered over 400 Boeing aircraft.
In total, including AerCap’s prior acquisition of 150 Boeing jets, Irish entities stand as the largest buyers of Boeing aircraft outside of the United States, according to Martin.
Aengus Kelly, CEO of AerCap, elaborated on the potential repercussions of an increase in tariffs, indicating that a 25% rise could inflate the price of a Boeing 787 by $40 million, a figure that many buyers would find untenable. He suggested that European companies might pivot toward purchasing Airbus planes if Trump’s tariffs come into effect.
Regarding his discussions with President Trump at the White House, Martin characterized the meetings as “positive” and reflected on the longstanding relationships between Ireland and the U.S. He described Trump as a “gracious host” and noted the president’s affinity for Ireland.
“His background and investments connect him to Ireland,” Martin said, adding that Trump’s experience with the Irish-American community enhances this bond.
Source
www.cbsnews.com