Tánaiste confirms publication of the EU-US Joint Statement on Trade
The Tánaiste and Minister for Foreign Affairs and Trade, Simon Harris TD, confirmed this afternoon the publication of the EU-US Joint Statement on Trade. The statement clarifies further details of the political agreement on a trade deal announced between the EU and the US on 27 July. It confirms a 15% tariff ceiling on EU goods exports to the US, inclusive of existing US Most Favoured Nation tariffs (except where these are already higher).
Speaking upon the publication of the EU-US Joint Statement, the Tánaiste said: “We note the Joint Statement is now published following weeks of negotiation. We welcome clarity that the deal includes a single, all-inclusive 15% tariff on EU goods. We also now have assurance that this rate will extend to pharmaceuticals and semiconductors. This provides an important shield to Irish exporters that could have been subject to much larger tariffs pending the outcomes of Section 232 US investigations into these sectors.”
The Joint Statement also includes ‘zero for zero’ tariff rate carve outs for aircraft and aircraft parts, with further carve outs to be determined for certain products in generic pharmaceuticals and chemicals. Importantly, the Joint Statement leaves the door open for negotiation of further tariff reductions in the future on products of strategic common interest.
The Tánaiste continued: “As the Statement makes clear, this is a framework agreement which gives us a first step to negotiate a more comprehensive and formal agreement with the US in the future. Our intention now is to see what other carve outs can be made in areas of interest for Irish exporters.”
The Joint Statement also commits to future work in areas such as mutual recognition agreements on standards and conformity assessments, overcapacity in the steel and aluminium sector, and cooperation on critical raw materials.
“While the deal finally provides certainty we also are acutely aware of the impact of higher tariffs and the existing difficulties that many Irish exporters have already faced this year. In that regard, we also must continue to control what we can control and continue to make our country, and our European Union, as competitive as possible, as good a location as possible to invest in and create jobs.
We must also look for other opportunities to diversify markets for Irish business. While we want to continue to do business with the US and indeed want to grow business. It is important that we take every opportunity to identify new markets. On Monday, we will publish Ireland’s new Market Diversification Action Plan.”
