American Chamber Ireland supports American Chamber EU’s call for EU to receive a permanent exemption from potential US tariffs on steel and aluminium
Issued 30 May, 2018. The American Chamber of Commerce Ireland supports American Chamber EU’s call for the EU to receive a permanent exemption from any US government plans to impose tariffs on steel and aluminium. Speaking about the issue, Mark Redmond, Chief Executive of American Chamber Ireland said, “We agree with AmCham EU’s statement that the EU and the US should be working together to tackle issues such as global steel/aluminium overcapacity and unfair trading practices.
We also support AmCham EU’s view that with growth on the increase in Europe and the US, now is the time to focus on a positive agenda that further strengthens our economies.
As announced at the European Summit in Sofia, we need to remember what the EU and the US have built together over the last 70 years and what is at stake. We are bound by our common history and the values we share. The multilateral trading system, with the World Trade Organization (WTO) at its heart, is one of these common achievements.”
“Ireland has a key role to play here as the gateway to Europe for US business investment. According to our 2018 US Ireland Business Report, the European Union remains the most important foreign market in the world for US firms. In 2017, the EU accounted for well over half of total US foreign investment and affiliate income, with Ireland among the largest EU contributors to this dynamic. Our report also states that the US-EU trade rose higher over the past year, with US exports (goods) to the European Union rising 4.9% in the first eleven months of 2017 versus the previous year. US exports to Ireland rose by an even stronger pace in the same period, by 9.2%. US imports from Europe climbed 3.2% in the first eleven months of the year, while imports from Ireland rose 6%. As been the case for the past few years, Ireland and the United States stand as two of the strongest growing economies in the transatlantic economy and the transatlantic business relationship between Ireland and the US continues to go from strength to strength.”