What does this mean for Irish Exporters?
- A baseline duty rate of 15% will be imposed on most European exports with effect from 1 August.
- Pharmaceutical and Semiconductors will most likely be subject to a 15% duty rate. These are currently under investigation in the US with a conclusion expected in the next few weeks.
- Aircraft and Parts exports to the US will revert back to 0%.
- Spirits are still under negotiation.
- Steel and aluminium exports will continue to attract duty at 50%, however it is expected that a quota arrangement will be introduced
What should Exporters do now?
Now that there is some certainty, Irish Exporters should assess their options in terms of duty planning and supply chain reviews. In particular look at confirming the origin of your goods, the dutiable value and your contract terms.
Also investigate the option of accessing new markets leveraging off the EU Trade Agreements.
This is the time for advanced duty planning as it is unlikely duty rates are going to now reduce in the short to medium term.
