Speaking after the announcemebt of US tariffs, Ian Talbot CEO of Chambers Ireland and Secretary General of ICC Ireland has called for a focus on competitiveness and strategic trade engagement to mitigate any adverse economic impacts.
"While the tariffs present immediate challenges, it is essential that Ireland and the EU respond with calm and resolve" said Talbot. "To natigate these challenges effectively we should prioritise strategies that (a) enhance our competitveness and (b) strengthen our trade engageent, rather than escalating tensios".
He emphasised that enabling businesses to sell goods and provide services in other markets remains critical to mitigating the impacts of tariffs.
"Market access must now be a key focus, which means helping businesses understand the regulatory and logistical requirements they must address to succeed in trade. We need to utilise the advantages of the Single Market and our access to the UK market while continuing to diversify into new international markets. Investment will be essential to ensure that businesses have the support to enter and expand in other markets.
While the righ approach, this challenge can become a catalyst for progress. Bothe the Capital Markets Union and the Banking Union should be progressed to improve access to finance for small businesses, support the green and digital transitions and strengthen our economic resilience. A referendum should also be help on the Unified Patent Counrt at the earliest possible opportunity. Action in these areas will galvanise our competitiveness and safeguard our long-term economic stability".
Talbot continued:
"There are likely to be significant different sectoral challenges arising from US policies and potential responses over the next few weeks. Government must closely monitor the impacts, particularly on SME's, and consider measures to support viable businesses as they re-engineer their business models.
Finally, Government must pursue an urgent, relentless focus on the delivery of vital infrastructure. Delivering on what we can control has never been more important."
ENDS
For more information contact Shane Hughes, Policy & International Affairs Manager, Chambers Ireland shane.hughes@chambers.ie
