In reaction to US trade tariffs, Enterprise Ireland has rolled out two innovative grants aimed at assisting client companies in assessing and addressing the effects of these tariffs. This initiative aligns with the Government’s newly launched Action Plan on Market Diversification.
The introduction of these supports is designed to help companies develop effective tariff mitigation strategies while diversifying their market presence. The specifics of the new grants are as follows:
- Market Research Grant: This grant offers funding of up to €35,000, enabling companies to evaluate the full implications of tariffs, acquire vital market insights, and craft effective mitigation strategies.
- New Markets Validation Grant: Companies can access funding of up to €150,000 to devise market entry strategies targeted at new markets or product lines.
Minister for Enterprise, Tourism and Employment, Peter Burke, expressed his support for these grants, stating: “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.”
Moreover, he emphasized, “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 takes a whole-of-Government approach to supporting Irish companies in securing new and diverse marketplaces for their high-value and innovative products.”
Kevin Sherry, Executive Director of Enterprise Ireland, noted: “The US is and will continue to be an important primary export market for many Irish exporters. The new US 15% tariff rate represents a challenge for Enterprise Ireland’s product-based client companies exporting to the US. Enterprise Ireland remains committed to aiding client companies in adopting a strategic methodology to consolidate and enhance their business in the US, while also exploring diversification into other essential markets, products, and customer bases. This approach will bolster resilience and promote sustainable long-term growth. Our two new grants, alongside our Trade Tariff Response Team and our global network of 42 international offices, are invaluable supports for Irish exporters aiming to implement concrete operational and diversification strategies to safeguard profitability and protect jobs against the cost pressures introduced by the tariffs.”
Currently, among the 950 Enterprise Ireland client companies exporting to the US, analysis indicates that approximately 450 will be most affected by the new 15% US tariff rate on EU goods. The impact will vary depending on their specific levels and types of US exports.
These companies, primarily from sectors such as Food & Beverage, Engineering, Lifesciences, and Consumer Products, collectively account for €4 billion in goods exports to the US. In 2024, total exports from Enterprise Ireland client companies to the US reached €6.6 billion, while overall exports amounted to €36.75 billion.
The recent US-EU Joint Statement highlighted that potential carve-outs for med-tech products, spirits, and other sectors are still under consideration. As more details become available, Enterprise Ireland will continue to conduct thorough analyses of the tariffs and their sectorial impacts.
Enterprise Ireland is actively engaging with exporters to the US on a personalized basis. Additionally, they have established a dedicated Trade Tariff Response Team to spearhead this response effort.
Client companies of Enterprise Ireland are encouraged to consult their dedicated Client Adviser for specific guidance. For more information on the available supports, visit Trade Tariffs | Enterprise Ireland or email tradetariffs@enterprise-ireland.com.
For businesses not currently engaged with Enterprise Ireland, it is advisable to reach out to the National Enterprise Hub | Enterprise Ireland (NEH.gov.ie).
Clients of Local Enterprise Offices (LEOs) should connect with their local LEO office for tailored assistance.
For further insights, read the full article on Enterprise Ireland launches new grants for exporters impacted by US tariffs.
