US PRESIDENT Donald Trump has proposed new tariffs on pharmaceuticals being imported into the States in a move that could significantly impact Ireland.
Despite being a lucrative market, pharmaceuticals have so far been unaffected by Mr Trump’s tariffs, which have seen EU goods entering the US hit with a 20 per cent import duty.
However, Trump has made no secret over his frustration at US pharmaceutical companies relocating overseas while America remains one of their largest markets.
“We are going to be announcing very shortly a major tariff on pharmaceuticals,” said Mr Trump during an event at the National Republican Congressional Committee on Tuesday, reports the Irish Times.
“Once we do that, they’re going to come rushing back into our country, because we’re the big market.”
According to TradingEconomics.com, the US imported more than $212bn of pharmaceuticals in 2024, with almost a quarter of that coming from Ireland.
Meanwhile. pharmaceuticals account for around half of all US imports from Ireland.
In a meeting with Micheál Martin during the Taoiseach’s St Patrick’s visit to the US, President Trump revealed both his admiration and frustration at Ireland luring US pharmaceutical companies to its shores.
“The Irish are smart people, you took our pharmaceutical companies and other companies,” he said.
“Through taxation, and proper taxation, they made it very good for companies to move over there.
“We had presidents and people that were involved in this who had no idea what they were doing and they lost big segments of our economy.”
He added: “This beautiful island of 5m people has got the entire US pharmaceutical industry in its grasp.”
“You guys did the right thing, I’m not upset with you,” continued the President.
“I respect what you’ve done, you’ve done a great job, but our people did a very bad job.”