‘Stakes are high’ after Donald Trump threatens to impose new tariffs – Donohoe

By Cate McCurry, PA

Minister for Finance Paschal Donohoe said the “stakes are high” in the years ahead after US President-elect Donald Trump threatened to impose new tariffs on Mexico, Canada and China.

Late on Monday, Mr Trump said he would impose a 25 per cent tax on all products entering the country from Canada and Mexico, and an additional 10% tariff on goods from China, on his first day in office.

The tariffs, if implemented, could dramatically raise prices for American consumers.

The US is the largest importer of goods in the world, with Mexico, China and Canada its top three suppliers, according to the most recent US data.

Mr Trump said he would sign an executive order imposing the new tariffs on his first day of administration.

The USA is one of Ireland’s largest export market, with medical and pharmaceutical products making up the largest share in total exports.

Reacting to the news, Mr Donohoe said: “In relation to trade policy, I followed what President-elect Trump has announced during the night and his views in relation to Mexico, China and Canada.

“It just underlines to me, the change in the centre ground regarding trade, and if you are as trade intensive and exporting as Europe and Ireland is, that means the stakes are high in the next few years.

“I will respectfully argue that we don’t want to be rudderless and adrift here in Ireland at a moment in which such change is brewing.”