Liberation Day, named by US President Donald Trump as the day America takes back its commerce looms this Wednesday, with several sectors, particularly the Pharmaceutical industry eagerly waiting for Trump’s announcement regarding tariffs.

Donald Trump says he wants to take back control of American trade, with harsh tariffs expected not just in Ireland, but also in the EU and Asia.

Trump claims the increase in tariffs will free the United States from foreign goods.

By increasing US tariffs to levels other nations charge and removing their non-tariff trade obstacles, the measure seeks to reduce a $1.2 trillion global goods trade deficit.

If President Trump starts a trade war with the EU, the Government has warned that up to 80,000 jobs that could be generated in the future in Ireland’s multinational sector might not go forward.

He is anticipated to target these positions in an attempt to bring jobs and revenue back to the United States.

Because Ireland is a relatively small open economy that depends on foreign markets for its exports to succeed, any change to this strategy puts its growth in danger.

Pharmaceutical goods made up €58bn of Irish exports to the US last year.

The fact that US businesses manufacture large quantities of pharmaceuticals in Ireland and sell them to Americans is President Trump’s problem.

The company tax rate in Ireland is 15%, which is substantially lower than the 21% rate in the US.

Donald Trump has previously said the tariffs on drugs imported by the US will be “in the neighborhood of 25%”.

While American economists say it will lead to widespread inflation in the US the concern here is on the Irish economy.

What do the people of Waterford think?

WLR’s Kyle Butler took to the streets earlier this morning to find out.

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