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Seanadóir Conor Murphy is asking for a meeting of the North-South Ministerial Council to discus how to protect the all-Ireland economy following sweeping tariffs on goods from USA President Donald Trump, 20% in Ireland and 10% in UK.
The former Economy Minister has engaged with Northern Economy Minister Caoimhe Archibald and believes there must be a serious collaborative approach from the Irish government and Northern Executive to protect the all-Ireland economy.
Seanadóir Murphy said: “A trade war helps nobody. The immediate focus now for the Irish government and the Northern Executive is that both institutions work collaboratively to protect jobs and businesses across the island, and that we protect the all-Ireland economy.
“Businesses right across the island will be deeply concerned about the introduction of tariffs by US President Donald Trump and all the uncertainty that they will bring.
“I have engaged extensively with Northern Economy Minister Caoimhe Archibald in recent days, and we both recognise the increased post-Brexit complexities on this island, and these are complexities that need to be understood by the Irish government.
“The likelihood of increasing designation of goods at risk and the complex and uncertain reimbursement procedures that might be involved is a significant concern to businesses, particularly at a time when the economy here, north and south, has been outperforming the British economy with higher growth rates and higher export performances.
“I know from my experience as Finance Minister and as Economy Minister during the testing times of Brexit uncertainty, in particular the approach of the British government which could have had disastrous consequences for business on this island, that close working relationships between the Irish government, the Northern Executive and the European Union were critical in navigating a time of economic turbulence.
Senator Murphy believes that the approach by the US government is the latest in a series of economic shocks that we have seen with Brexit, the pandemic, conflicts in Ukraine and the Middle East, and these are not going to end anytime soon.
“That means the onus is on the Irish government to assess the vulnerabilities in our economy, in particular the concentration of corporate tax receipts among a small number of multinational corporations, and the lack of diversification among the FDI base in terms of sector geography and region.
“We must also address the infrastructural deficits in areas such as housing, energy, water, ports and airports, and to take the necessary steps to support our indigenous businesses, to scale, to increase exports, to grow talent right across the island, and to trade across the island and internationally."
The Senator added “There are longer-term lessons to be taken from the current uncertainty because economic uncertainties are going to continue regardless of what emerges from the United States approach.
“We must therefore examine the current all-Ireland economic model, which leaves us particularly exposed in a growing uncertain world.”
