Irish exports to the US rise before tariffs

Irish exports to the United States have grown significantly as companies prepare for new tariffs. In January alone, exports reached nearly €12 billion, which is an increase of over 80% compared to January 2024. This rise is likely linked to companies rushing to send goods, especially pharmaceuticals, to the US before the tariffs take effect on April 2. President Donald Trump plans to impose these tariffs to address what he sees as a trade imbalance. He wants to reduce the difference between what the US buys from Ireland and what it sells to Ireland. In a recent meeting with Ireland's Prime Minister Micheál Martin, Trump expressed concern over the "massive" trade surplus that Ireland has with the US. In 2024, Ireland exported goods worth €72.6 billion to the US and imported only €22.5 billion. This resulted in a surplus of over €50 billion. Much of this surplus comes from the pharmaceutical sector, which exports a large amount of its production to the US. Data from Ireland’s Central Statistics Office indicates that in 2024, exports of medical and pharmaceutical products grew by 29%, making up 45% of all Irish goods exports. One factor contributing to this growth is the production of Eli Lilly's weight loss drug, Zepbound, manufactured in County Cork. The low corporate tax rate in Ireland also attracts many US pharmaceutical companies to set up operations there. Trump has pointed out that Ireland appears to "have the entire US pharmaceutical industry in its grasp."