Ireland is facing a significant economic storm. The threatened tariff war with the United States could do immense damage to the current Irish economic model. Proposed changes to the US corporation tax could be catastrophic in terms of the Irish economy. Successive Fianna Fáil and Fine Gael Governments have put all our economic eggs in bargain basement corporation taxes. For sure, FDI is good and needs to be nurtured and promoted, but FDI is more mobile than indigenous businesses and it could move with ease depending on the prevailing international economic winds. Ireland is currently facing into headwinds blowing against us from the United States. Tariffs will decimate the Irish economy. Irish exports to the United States, relative to other European counties, are far more. Last year, we exported €72 billion worth of goods, €58 billion of which were pharmaceuticals and chemicals. Under the threatened tariffs, these products could become much more expensive and demand could fall. Many of the businesses will not accept that fall in demand and could shift their production elsewhere. Then there is the whole issue of corporation tax. A significant change to US corporation tax could actually gut the taxation system in this country. It would create a huge hole in our budget. It could lead to a situation where we have to cut public services, infrastructural spend and maybe even increase taxes in this State. Ireland is looking at, potentially, a fall in jobs, an increase in taxes and a fall in GDP. Ireland has not seen a potential economic shock such as this for at least two decades. The actual word "austerity" could be discussed in this Chamber again if the US proceeds with this particular tariff war. One of the things that amazes me so much is that so little is being done regarding this potential economic existential threat by this Government. In fact, this bubble has spent more time fighting a speaking rights row with regard to Government-supporting TDs' speaking time than it has actually developing a system to help in this regard. I asked the Minister for Finance a couple of weeks ago what he had done and who he had engaged with in terms of senior US Administration to mitigate the potential damage as a result of the tariff war and the Minister said he has no responsibility to the Chamber with regard to answering such a question. I could not believe it. This morning, the Minister for Finance was on "Morning Ireland", on which he was asked what the Government's strategy is to deal with trying to persuade the US not to proceed with tariffs against Ireland and his answer, basically, was that we have to show that there is a reciprocal relationship of benefit between the two counties.
Sentiment score: 0.01
That is hardly enough in this regard.
Sentiment score: 0.00
I am asking the Minister what engagement he has had with the senior US Administration? What engagement have the Taoiseach and Tánaiste had with the US Administration-----
Sentiment score: 0.46
-----with regard to trying to mitigate against the damage of a tariff war?
Sentiment score: -0.80
Will the Minister answer the question that I asked today, not the question I asked two months ago, please?
Sentiment score: 0.32
It is a point of amusement that the Minister's instinct is to get tribal every time an Opposition TD puts him under pressure.
Sentiment score: 0.08
It is incredible, when a straight question is asked regarding the engagement the Minister, the Minister for Justice, the Tánaiste or the Taoiseach have had with senior elements of the US Administration, in what is possibly one of the biggest existential economic threats to Ireland at the moment, that in the three or four minutes the Minister had to answer that, the summation of his response was "zero". At this moment in time, the Minister cannot tell me of any senior engagement between his Government and the senior US Administration, despite the fact that pharmaceuticals are a target of these potential tariffs, on which we are so heavily dependent, and despite the fact that our corporation tax as a country is more dependent on those sectors than any other country. It would create a massive hole in our budget if that corporation tax were taken.
Sentiment score: 0.47
I ask the Minister to leave the tribalism aside for one minute and answer the question directly if possible.
Sentiment score: -0.05
With the US.
Sentiment score: 0.00
I said FDI in Ireland is good. I said FDI is positive.
Sentiment score: 0.50
The Minister is arguing a point that nobody has made.
Sentiment score: -0.46
The Minister is arguing a point that nobody has made.
Sentiment score: -0.46