Waterford Sinn Féin TD Conor D. McGuinness has said that the exclusion of pharmaceuticals from the 20% tariffs imposed by the US on Europe is ‘a welcome silver lining’ on a bad day overall.
McGuinness spoke in the Dáil yesterday to highlighted the risk to employment and the wider Irish economy that trade restrictions on Irish pharmaceutical exports could cause.
McGuinness said:
“The exemption of pharma from Trumps tariff plan is a welcome silver lining and a relief to people in Waterford and those working in the sector across the stage, concerns certainly remain.
“The imposition of a 20% tariff will on EU exports to the US and the impact of Trump’s wider tariff regime will hurt many Irish exporters and cause harm to the global economy. Ireland will not be immune.
“Yesterday in the Dáil I raised with the Taoiseach the risk to pharmaceutical jobs and highlighted that our greatest economic vulnerability is the failure by successive Governments to adequately invest in infrastructure, domestic job creation and economic diversification. This is particularly true in Waterford and the South East, which has suffered decades of neglect.
“Delays and disinterest from Government when it comes to major transport infrastructure such as the airport, Waterford Port, the N25, and N24 coupled with the failure to deliver on health and housing locally, have had major implications for our regional economy and competitiveness.
“The pharmaceutical sector is a major employer in Waterford, the South East and across the state. While many workers and families in Ireland will be breathing a sigh of relief this morning, significant concerns remain.
“This is the opening salvo of what could become a protracted trade war. Government must put in place a strategy to safeguard our pharmaceutical sector, to protect jobs and to offset the vulnerabilities caused by decades of official neglect and indifference.”
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Conor D. McGuinness TD 