In response to US trade tariffs, Enterprise Ireland has today (August 25) launched two new grants to support its client companies to assess and respond to the impact of US trade tariffs.

According to Enterprise Ireland, the new supports will help companies to develop tariff mitigation strategies and to be market diversified.

They are:

A market research grant that offers funding of up to €35,000 for companies to assess the full impact of tariffs, gain market insights, and develop mitigation strategies.
A new markets validation grant that offers up to €150,000 for companies to develop market entry strategies for new markets or new products.

The Minister for Enterprise, Tourism and Employment, Peter Burke, welcomed the grants.

He said: “The imposition of US tariffs on EU products will undoubtedly have a negative impact on both businesses and consumers in the US and the EU. 

“These grants will provide crucial funding to exporters, helping them to diversify their markets and build resilience into their business models. While businesses strive to cement and grow trade with the US, it is critical that we seize every opportunity to identify fresh markets.

"The government’s action plan on market diversification, being launched later today (August 25), takes a whole of government approach to supporting Irish companies to secure new and diverse markets for their high-value and innovative products," the minister added.

According to Enterprise Ireland, 950 of its client companies currently export to the US.

Its analysis indicates that approximately 450 of those companies will be "most impacted" by the new 15% US tariff rate on EU goods.

These client companies, primarily in the food and beverage, engineering, life sciences, and consumer products sectors, account for €4 billion in goods exports to the US.

Enterprise Ireland's executive director, Kevin Sherry said: “The US is and will continue to be an important primary export market for many Irish exporters. The new US 15% tariff rate is a challenge for Enterprise Ireland product-based client companies exporting to the US.

"Our two new grants, as well as our trade tariff response team and global team across our network of 42 international offices are key supports in assisting Irish exporters take concrete operational and diversification measures to safeguard profitability and protect jobs, against the cost pressures introduced by the tariffs,” he added.