The Art of the Deal
Time will soon start counting down to the August 1st self-imposed deadline for the EU & US to secure a trade deal. The stakes certainly seem high. Should the negotiations fail the US has threatened to impose 30% tariffs on Europe (10% currently), the EU preparing retaliatory measures hitting €94bn of goods imports and targeting US big-tech firms and services trade.
For all that, media reports had suggested a deal was reasonably close, the EU willing to accept the US’ 10% baseline tariffs but seeking sectoral carve-outs for cars, pharmaceuticals and semi-conductors. Speaking this week President Trump said a deal was possible, but by saying pharmaceutical tariffs could be imposed by end-July, seeming to undermine the basis for one. Pharmaceuticals are key for Ireland, given they account for 75% of goods exports to the US.
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