Donald Trump and JD Vance have been sworn in as the President and Vice-President of the United States.
During his speech in Washington DC, Mr Trump said he’ll send troops to the southern border with Mexico – and impose tariffs and taxes on other countries.
He also said US government policy will only recognise ‘two genders’ – and he vowed to ‘plant the stars and stripes on Mars’.
Speaking on Morning Mix former Wexford Minister Ivan Yates says the core principles of Mr Trumps “Make America Great Again” movement are American nationalism, economic protectionism, and a desire to reassert U.S. global dominance.
Mr Yates said that Trump’s second administration would likely be more organized, with greater political experience and a unified Republican Party, making it easier to push through his policies.
Mr. Trump’s administration has already begun to implement several key measures, such as withdrawing from international agreements like the Paris Climate Accord and reasserting U.S. dominance in energy production. Trump’s stance on foreign policy has also shifted, particularly with the Middle East and Ukraine, with a focus on energy security and supporting Ukraine with significant military aid.
There are however significant concerns over two potential threats to Ireland’s economy: tariffs and corporate tax changes.
Ireland exports €56 billion worth of goods and services to the U.S., with sectors like pharmaceuticals and tech being particularly vulnerable. Ivan Yates is warning that if Trump imposes tariffs, Irish companies with U.S. operations could face severe challenges, especially those like BD in Enniscorthy, a major medical device manufacturer.
The corporate tax issue is also critical. Ireland’s tax revenue from tech giants such as Microsoft, Apple, and Amazon has skyrocketed, contributing significantly to the Irish economy. However, Trump has indicated plans to reduce the corporate tax rate in the U.S., potentially incentivizing these companies to reshore their operations and intellectual property back to the States. This could result in a loss of significant tax revenue for Ireland, presenting a major challenge for the Irish government.
