The Irish prime minister has hosted an agreement between the European Union and the United States, which will see a 15% rate on most EU imports to the United States.
The agreement was reached during a meeting between Donald Trump and the president of the European Commission on Sunday.
The president of the United States met with the president of the European Commission, Ursula von der Leyen, to mark the final details about the commercial relationship between Europe and the United States.
In reaction to the agreement, Taoiseach Micheal Martin said the agreement was very welcome.
“It brings clarity and predictability to the commercial relationship between the EU and the United States, the largest in the world,” said Fianna Fail leader.
“That is good for companies, investors and consumers. It will help protect many jobs in Ireland.
“The negotiations to take us to this point have been long and complex, and I would like to thank both teams for their patient work.
“Now we will study the details of what has been agreed, including its implications for companies that export from Ireland to the United States and for different sectors that operate here.
“The agreement is a framework and there will be more details to develop in the coming weeks and months.”
Martin said the highest rates will have an impact on trade between the EU and the United States, which will make it more expensive and more challenging.
“However, it also creates a new era of stability that, hopefully, can contribute to a growing and deeper relationship between the EU and the United States, which is important not only for the EU and the United States, but for the global economy,” he added.
“Given the very real risk that existed for climbing and for the imposition of punitively high rates, this news will be welcome by many.”
The agreement was also welcome by the Vice President Irish Prime Minister and the Minister of Foreign Affairs and the Simon Harris trade, who said he brings clarity to companies.
“While we still have to see the details, I appreciate that the president of the Von der Leyen commission and the president of the United States have announced an agreement,” Harris said in a statement.
“An agreement provides a very necessary certainty measure for Irish, European and American companies that together represent the most integrated commercial relationship in the world. Ireland makes a key contribution to this with the economic relationship of Ireland-United States valued in more than one billion euros.
“The United States had made it clear, and this has been replicated in other recent agreements, which the United States has reached with other countries, that a reference rate was always going to be part of the result.
“I have always emphasized that tariffs are harmful and will have a negative impact on companies that export to the US.
“While Ireland regrets that the reference rate of 15% is included in the agreement, it is important that we now be certain about the foundations for the commercial relationship of the United States, which is essential for jobs, growth and investment.
“President von der Leyen described this as 15% of tariffs in all areas, all inclusive.”
He said that more details are needed around the pharmaceutical, aviation and other sectors.
Harris said he will examine the details of the agreement in the next few days to establish the effect on Irish companies and the economy.
Previously, EU Commissioner Michael McGrath said the meeting was a “significant and decisive moment.”
McGrath, EU commissioner for democracy, justice, the rule of law and consumer protection, said it would imply substantive negotiations between both parties.
“It is a significant time, we expect a decisive moment, and is based on a huge amount of work that has been done for quite some time,” McGrath said before the meeting.
“President Trump invited President von der Leyen Scotland for a meeting.
“This follows the back of intensive negotiations for several months.
He added: “It is not a case of appearing and signing in the dotted line. There will be a real discussion that will happen, and will take your own dynamic, and let's see what happens in the course of the afternoon.
“But from the point of view of the EU, we are determined to do everything possible to obtain an agreement for European companies, because we recognize the cost of uncertainty.
“It manifests itself in trade and investment decisions and, ultimately, in employment and, of course, rates can cost consumers at the end of the day.
“We want a good deal. We have negotiated a lot, and now we are at a point where we hope that the two leaders can take it to a final phase.”
