Ireland’s exports to the US doubled in March compared to the month before as manufacturers rushed to try and beat Trump’s expected trade tariffs.
Latest data from the US Bureau of Economic Analysis (BEA) suggests that Ireland exported $30 billion of goods to the US in March, up from $15 billion in February. That compares to exports of less than $8 billion in the same month last year.
Taking into account the difference between exports and imports, Ireland had the biggest trade imbalance with the US during March at $29.3 billion, compared to $24.8 billion imbalance between the US and China.
Most of Ireland’s goods exports to the US are pharmaceuticals.
Total US pharmaceutical imports rose from $29 billion in February to $50 billion in March which experts say was the result of stockpiling by US drug companies.
Donald Trump has repeatedly threatened to hit pharmaceuticals with high tariffs and has taken particular aim at Ireland.
The EU is meanwhile trying to convince the US president to drop all his tariffs on goods in exchange for a “zero for zero” tariffs deal.
“The EU is a fair, principled and reliable trading partner”, said Taoiseach Micheál Martin, speaking at the Global Ireland Summit yesterday.
“If there are issues of difference, let us work to resolve them at the negotiating table. We welcome the ninety day pause for negotiations on those issues.
The EU and Ireland are up for agreement, and I am still hopeful for a resolution.”