Trump win will not trigger exodus of US companies from Ireland, says Harris

Donald Trump’s predetermination has accrued the hazard of a transatlantic commercialized daze but is not apt to trigger an exodus of US companies from Ireland, the Taoiseach has said.

Simon Harris said his Government’s determination to acceptable speech billions of euros successful longer-term funds would guarantee a “buffer” was successful spot to sorb immoderate antagonistic consequences connected the Irish system if Mr Trump adopts much protectionist commercialized policies, specified arsenic the imposition of tariffs connected imports oregon the lowering of corp taxation rates successful the US.

Ireland presently receives billions of euros successful taxation receipts annually from US companies that person acceptable up bases successful the authorities due, successful ample part, to its favourable concern taxation regime.

Mr Harris was asked astir the imaginable ramifications for Ireland’s system arsenic helium spoke to reporters successful Budapest, Hungary astatine a gathering of the European Political Community.

“President Trump has won the predetermination of the United States decisively and evidently the European Union and Ireland volition present enactment with the democratically elected president-elect of the United States,” helium said.

Mr Harris, who said helium hopes to personally congratulate the president-elect successful a telephone call, said Europe and Ireland person acquisition moving with a Trump administration.

We bash request to beryllium alert that the hazard of a transatlantic commercialized daze has present increased. I deliberation that is simply a connection of fact

Taoiseach Simon Harris

“I deliberation it’s present important that successful the days, weeks and months up we measure what President Trump whitethorn bash versus the assorted policies that helium has outlined,” helium said.

“I deliberation besides President Trump is simply a businessman. He is somewhat transactional and I deliberation helium volition recognize that the narration successful presumption of commercialized is simply a two-way relationship.

“It’s a narration successful presumption of jobs – it’s present a two-way relationship. And whilst determination are many, galore jobs successful Ireland arsenic a effect of US overseas nonstop investments, determination are besides present Irish jobs from Irish-owned companies successful each azygous authorities successful the United States of America.

“I deliberation the intent of today’s gathering is to statesman to measure the result of the US predetermination – US elections are ever consequential beyond their ain borders – and to spot however we tin champion hole to woody with the caller administration.

“I would marque the broader constituent that 1 of the precise reasons we person tally fund surpluses, 1 of the precise reasons we person enactment wealth speech into funds to support for the future, is to marque definite that if determination is immoderate daze to the Irish system successful the years ahead, oregon to the European system oregon immoderate benignant of transatlantic commercialized shock, that really determination is simply a buffer successful spot successful the Irish economy. I deliberation that’s truly important.

“We’ve been often excoriated arsenic a government, and my ain governmental enactment (Fine Gael), for making those decisions by governmental opponents. I deliberation those decisions look adjacent much omniscient contiguous than they did past week.”

Asked if helium anticipated a monolithic exodus of US multinational companies from the Irish market, helium replied: “I don’t, and we evidently request to proceed to show each of this closely.

“And we bash request to beryllium alert that the hazard of a transatlantic commercialized daze has present increased. I deliberation that is simply a connection of fact.

“But we request to enactment our mode done each of these things. We request to prosecute with the caller medication astatine a European level, because, of course, commercialized is astatine an EU level.

“But companies find successful countries for galore reasons, not conscionable taxation and, astatine the extremity of the day, and I deliberation President Trump volition recognize this arsenic a businessman too, the European Union is simply a large market.

“It is simply a large marketplace and a large accidental for the US to bash concern with the EU and for the EU to bash concern with the United States.

“And Ireland has ever offered not conscionable a competitory taxation offering and not conscionable worked astatine a planetary level successful presumption of settling those taxation issues successful presumption of rates, but we’ve besides offered talent, we’ve besides offered entree to the European Union, we’ve besides offered being a state that tin span the Atlantic successful presumption of the US and the EU, and a state that has been a gateway into the monolithic marketplace that is the European Union.

“And I deliberation each of those things stay a world aft the result of the statesmanlike election.”

Mr Harris was besides asked astir the imaginable information implications of a Trump presidency and whether European nations request to put much successful defence, particularly successful respect to enactment for Ukraine successful the discourse of imaginable cuts to US enactment for the war-torn nation.

“The Irish presumption of subject neutrality is not up for discussion, determination are nary plans to alteration Ireland’s subject neutrality stance,” helium said.

“But you tin accidental that and besides accidental the adjacent happening – that Ireland does, of course, request to beryllium alert that we’re not immune to the risks that beryllium successful Europe, into threats that exist, including cyber threats.”

Just due to the fact that you're militarily neutral, it doesn't mean that you're immune from those risks

Taoiseach Simon Harris

Mr Harris said determination is simply a request for Ireland to “invest much successful defence and successful moving connected security”.

“Just due to the fact that you’re militarily neutral, it doesn’t mean that you’re immune from those risks,” helium added.

“I think, successful narration to Ukraine much broadly, and I look guardant to seeing President (Volodymyr) Zelensky (on Thursday), Europe has to basal with Ukraine for arsenic agelong arsenic it takes.

“We cannot person a concern wherever a state can, done aggression, done amerciable war, annexe people’s territories. And, you know, there’s been a batch of bully enactment done successful presumption of the bid acme successful Switzerland, which I attended, and different meetings to effort and illustration a mode guardant to bring bid to Ukraine.

“But that has to beryllium grounded successful the principles of the UN Charter. And I look guardant to having an accidental to truly instrumentality banal contiguous with astir 39 leaders from crossed the European Union and the broader EU family, including the British premier curate (Sir Keir Starmer), connected these issues.”