How vulnerable is Ireland to Trump’s policies?

There are risks to the Irish economy from potential US tax policy changes but we think they are not as large as they first appear. The country’s large pharmaceutical sector should be fairly resilient if hit with US tariffs. And the government’s fiscal position is strong enough to cope with a fall in revenues if Ireland’s tax system becomes less internationally competitive. All told, we think Ireland’s economy will continue to grow faster than the euro-zone as a whole.