Cowen warns that "few have more to lose than Ireland" in the wake of US trade tariffs
Fianna Fáil MEP for the Midlands North-West, Barry Cowen, has warned that the potential for allies turning into adversaries in the wake of new US tariffs poses significant risks, with few having more to lose than Ireland.
Speaking in the European Parliament in Strasbourg this morning (Tuesday) the former Laois/Offaly TD urged the EU to to remain proactive in defending open trade while enhancing its own economic resilience.
“As geopolitical challenges emerge, we will continue to push the EU to strengthen its own competitiveness - tackling energy costs, addressing infrastructure deficits and securing our place in the global economy. At the same time, Ireland knows that the EU must stand united. Protectionism weakens us all. The EU should engage early, defend open trade and ensure that cooperation - not division - shapes our future" he said.
MEP Cowen highlighted Ireland’s unique position in the EU-US relationship, given its historic and economic connections with the United States, while also stressing the importance of EU membership.
“Ireland’s deep historic and economic ties to the US are well known. Equally known, however, is the fact that our success is also built on EU membership and the solidarity we received during key periods like Brexit and the Covid pandemic. As such, it’s fair to say the potential for tariffs to turn allies into adversaries leaves few with more to lose than Ireland.”
The European Commission has already strongly condemned Trump’s threatened imposition of 25% tariffs on European steel and aluminium, calling them “unlawful” and “counterproductive.”
European Commission President Ursula von der Leyen reaffirmed the EU’s position this morning, stating: “I deeply regret the US decision to impose tariffs on European steel and aluminum exports. Tariffs are taxes – bad for business, worse for consumers. Unjustified tariffs on the EU will not go unanswered - they will trigger firm and proportionate counter measures. The EU will act to safeguard its economic interests. We will protect our workers, businesses, and consumers.”
During his address this morning, MEP Cowen described the economic ties between Europe and the US as being "among the strongest globally" with trade flows exceeding €1.5 trillion annually. He also pointed out that the EU exports €154 billion more in goods to the US, while the US holds a €106 billion surplus in services. "This is a partnership of mutual benefit - one that tariffs would only damage” he said.