IBEC Issues Warning On EU-US Trade War
The Irish Business and Employers Confederation (IBEC) has warned that the trade
war currently raging between the United States and the European Union could
have a devastating effect on the Republic's economy, in particular on the electronics
industry. A full draft list of US products to be targeted by EU sanctions was presented
to the 133 Committee (a group of trade representatives from EU member states
who meet once a week to discuss trade issues) by the European Commission earlier
this week, and is expected to be formally released today. Member states, industry
bodies, and interested parties will then have until November 12 to comment on
the various US products targeted by the retaliatory sanctions, and it is expected
that Irish industry will lobby hard for a reduction in the scope of the list. Ireland is likely to suffer more than many EU member states when the sanctions
on US products are imposed due to the large number of American multinationals
located there, although the extent of the impact is, as yet, unknown. 'We are not able to quantify the possible damage until we see the list, but
it is very worrying,' Cathal Lynch, IBEC's assistant director for European Affairs
told the Irish Independent on Wednesday. 'We are just beginning to sit down and look at what the impact might be. The
fear is that the sanctions will particularly hit electronics products, on which
Ireland depends so heavily.' .
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