Concerns have been raised over the potential impact of US tariffs on businesses, with the head of Northern Ireland’s Chamber calling on governments to ensure that steps are taken to avoid unintended negative consequences. Suzanne Wylie emphasized the need for political leaders to work with businesses to navigate the changes brought about by the tariffs, which have created a significant challenge for Northern Ireland companies. The call for government action comes as the chamber releases its quarterly survey, highlighting the pressing need for collaboration to safeguard the interests of Northern Ireland in negotiations.
Northern Ireland Secretary Hilary Benn has confirmed that the UK government conducted an impact assessment to understand how businesses in Northern Ireland might be affected by the tariffs. Meanwhile, First Minister Michelle O’Neill has raised concerns over the actions of President Trump, labeling them as a “dangerous game” that needs to be addressed. With Northern Ireland goods facing a 10% tariff when entering the US, and those from the Republic of Ireland facing a 20% tariff under EU measures, the region’s unique situation in the single market further complicates the scenario.
Export diversification emerges as a critical strategy for Northern Ireland, as businesses grapple with the uncertainty surrounding the tariffs. Gareth Hagan, chief executive of OCO Global, stressed the importance of exploring opportunities beyond traditional markets and diversifying trade relations. The ripple effects of the tariffs pose challenges for sectors like the Irish whiskey industry, where the US market has been a key target for growth. However, there is optimism about global opportunities and the potential to explore new markets in the face of the evolving trade landscape.
The Northern Ireland Chamber survey, conducted in partnership with BDO, indicates that while the region’s overall performance remained strong in the first quarter of the year, concerns around labor costs and raw material expenses persist. With almost half of the surveyed firms reporting a slight slowdown in demand, the looming impact of the tariffs adds to existing worries around inflation and competitiveness. Businesses are keen on negotiation rather than retaliatory measures, emphasizing the importance of clear outcomes from ongoing discussions to mitigate the challenges posed by the tariffs
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