Business leaders expressed support for government calls for a “calm and measured” response to US tariffs and urged consideration of diversification into other markets.
The announcement followed a meeting between the Prime Minister and the Labour and Employers Economic Forum (LEEF) on Friday, which brought together key business and trade union figures.
Michael Martin spoke to business leaders and heard their concerns in light of the US tariff announcement this week.
The main focus of the meeting in government institutions on Friday was on economic and trade issues.
Irish Congress of Trade Unions general secretary Owen Reidy. Photo: PA
The LEEF meeting was attended by representatives from IBEC, CIF (Construction Industry Federation), Chambers Ireland, ICTU, SIPTU, Forsa and INMO (Irish Nursing and Midwifery Association).
Also present at the meeting were government officials including Tánaiste Simon Harris, Minister for Public Expenditure Jack Chambers, Minister for Finance Paskal Donohoe and Minister Peter Burke.
Irish Congress of Trade Unions general secretary Owen Reidy described the meeting as “timely”.
“I think it's important to look at three things. The first is protecting jobs and maximising the number of jobs,” Mr Reidy said.
“We need to introduce individual, wage-linked unemployment benefits for those sectors that will be hit the hardest.
“Secondly, it will impact our financial sector, tax base and public services.
“We need to consider the possibility of eliminating tax breaks in the near future.”
He stressed that Ireland should “reduce its excessive” dependence on the US and think about a new economic model.
“We have proposals that we are developing together with the Netherlands Institute for Economic Research, which we will present to the government in June. They highlight the need for diversification and to use this opportunity,” he added.
“I also want to say that this is a marathon, not a sprint. We will not see the results of this quickly.”
Chambers Ireland CEO Ian Talbot also said a “calm and considered response” was required.
“We are in a situation of considerable uncertainty and unpredictability,” he said before the meeting.
“This means that companies will be extremely reluctant to invest as long as uncertainty remains. So we certainly need to improve our trade relations with the US, but we should also look at other markets.
“87 percent of trade is not with the US, so let's look at our traditional markets like the UK, as well as the expansion of the [EU] single market and our free trade agreements.”
Sourse: breakingnews.ie
