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Counting the cost of Trump’s Liberation Day tariffs

John O'Loughlin examines the global trade crisis sparked by Trump’s “Liberation Day” tariffs and their sweeping impact on EU exports and businesses US President Donald Trump’s “Liberation Day” announcement marked a significant and historic escalation of the US approach to international trade and tariffs. Exports from the European Union (EU) to the US are now in scope of Trump’s tariffs and some businesses will be significantly impacted by this latest round of measures. Immediate changes and impact  On Wednesday 2 April, the Trump Administration announced wide-ranging “reciprocal” tariff measures. President Trump invoked his authority under the International Emergency Economic Powers Act of 1977 (IEEPA) to address the “national emergency” posed by the large and persistent trade deficit. These measures, imposed on all global trading nations, apply a blanket additional tariff rate on all products imported into the US. As expected, the measures were applied on a country-by-country basis with the following key markets impacted by the following additional tariffs: European Union: 20% United Kingdom: 10% China: 34% Japan: 24% Switzerland: 31% Brazil: 10% Australia: 10% India: 26% South Korea: 25% In addition to the above, a further 60 or so countries will have reciprocal tariffs applied at half the rate they charge the US, according to the Trump administration. These measures are due to be implemented on 9 April. Further to these specific tariffs, all other countries not listed will be subject to a baseline rate of 10 percent, which will be imposed from 5 April and will be in addition to the standard rate of duty (most-favoured nation rate).  The Executive Order imposing the “reciprocal” tariff rates have specifically excluded certain product categories which will not be subject to these new measures. These products include: Steel and aluminium articles already subject to additional tariff measures;  Auto and auto parts already subject to tariff measures implemented on 3 April; Copper; Pharmaceuticals; Semiconductors; Lumber articles; and Energy and certain other minerals that are not available in the United States.  Regarding imports from Mexico and Canada, those that meet the US-Mexico-Canada Free Trade Agreement (USMCA) rules will not be subject to additional tariffs. However, goods that do not meet the rules under the USMCA will continue to be subject to the 25 percent tariffs imposed on 4 March. Trump’s tariffs have created a trade crisis on a global scale affecting companies across all sectors. These tariffs will remain in effect until he determines that the threat posed by the trade deficit— and underlying nonreciprocal treatment—is satisfied, resolved or mitigated. Other tariff measures As announced on Wednesday 26 March, 25 percent tariffs on imports of foreign-made cars came into effect on 3 April. The tariffs will impact cars from all countries with a value-based exception for the US value of cars covered by the USMCA. Additionally, on Monday 25 March, Trump also announced the possibility of a 25 percent additional tariff on countries purchasing oil or gas from Venezuela, with an implementation date of 2 April. As of yet, no tariffs under this measure have been imposed. Further to previous Executive Orders regarding tariffs on imports of Chinese goods, President Trump has signed an Executive Order removing the de minimis treatment for goods of Chinese and Hong Kong origin, effective from 2 May. This order imposes duties on goods valued at or under $800 which would otherwise have qualified for an import duty exemption. USTR Foreign Trade Barriers Report On 31 March, the United States Trade Representative (USTR) published its 2025 National Trade Estimate Report on Foreign Trade Barriers – a wide-ranging report highlighting foreign barriers to US exports, US foreign direct investment and US electronic commerce. Ireland is specifically noted within the report, but references are limited to commentary regarding alcohol labelling and reimbursements related to pharmaceutical products. European retaliatory measures On 12 March, the European Commission announced countermeasures in response to the US tariffs on steel and aluminium products, which it deems "unjustified".  Following a period of consultation, the EU has postponed the implementation of these measures until 15 April. These tariffs range from 10 percent to 75 percent with the majority of products falling within the 25 percent category. Additionally, the EU is set to announce further countermeasures on a wider range of goods. EU reaction On Tuesday 1 April, comments by European Commission President Ursula von der Leyen indicated that the EU is prepared to retaliate against the US, if necessary, in response to Trump's tariff hikes. “Europe has not started this confrontation, we do not necessarily want to retaliate but, if it is necessary, we have a strong plan to retaliate and we will use it,” von der Leyen said. She further emphasised the significance of the US-EU trading relationship, noting that their trade volume is $1.5 trillion and that one million American jobs rely on this trade. Von der Leyen reiterated that Europe is open to negotiations, stating, "We will approach these negotiations from a position of strength. Europe holds many cards, from trade to technology to the size of our market. However, this strength is also built on our readiness to take firm countermeasures if necessary. All instruments are on the table.” Actions for businesses In anticipation of these tariffs, companies have placed significant focus on analysing their own data and scenario planning for the impact of tariffs. With Trump’s announcement, businesses should shift their focus to tariff mitigation strategies and options, including customs origin, valuation and tariff classification. Duty relief programs should also be considered. It is expected that the EU will push ahead with its retaliatory measures and other countries may look to introduce similar measures. Trump’s executive orders also contain modification authority allowing him to increase the tariff if trading partners retaliate, or reduce the tariffs if trading partners take significant steps to remedy non-reciprocal trade arrangements and align with the US on economic and national security matters. John O'Loughlin, Partner, Global Trade and Customs, PwC Ireland

Apr 04, 2025
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Six questions in six minutes with Sophie Dillon in Toronto

A co-founder with a passion for using her skills and experience for a positive impact, Sophie Dillon took the leap from Kells to Toronto via Dublin. We caught up with Sophie recently to hear her story. 1. Where did you grow up and where do you live now? I grew up in Kells, Co Meath and studied at University College Dublin. Today, I live in Toronto, Canada. I had always wanted to build an international career, and Toronto offered the kind of dynamic, fast-moving business environment I was looking for. 2. What led you to chartered accountancy? Studying Commerce in UCD, I found I really enjoyed the structure and logic of accounting. I’ve always liked solving problems and the qualification offered a solid foundation with broad career options—whether in practice, industry, or something more entrepreneurial down the line. As a child and teenager, I had a real passion for  showjumping and I think if I hadn't come down this road I would have loved a career in the equestrian industry! 3. Can you tell us a little about how you got to where you are today – both the geographical relocation and career path? I trained with KPMG’s Restructuring department in Dublin, where I worked with businesses navigating financial challenges. From there, I joined KKR, working on their European leveraged credit team, focusing on healthcare investments. I later moved to Canada and held several finance leadership roles, including at an early-stage healthcare startup. Today I’m the co-founder of Orbit Accountants, a firm set up in 2023 to support SMEs across Canada and the US with bookkeeping, payroll, tax and fractional CFO services. I co-founded the company with Malay Matalia who I met in Toronto. We shared a belief that SMEs and growing businesses deserve better access to high quality financial support. Toronto is a global city, and moving here really broadened my perspective, opening up a network I might not otherwise have encountered. 4. What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society? The training really sharpens your ability to think critically, assess risk, and communicate clearly—skills that are valuable far beyond finance. As the economy evolves, there’s a real need for professionals who can leverage financial data for strategic insights and support good decision-making. 5. As a member living away from Ireland, can you talk to us about how your membership has been of value to you living overseas? The designation carries weight internationally, and that’s been important for building trust in a new market. It also creates an instant sense of community—particularly with the strong network of Irish professionals here in Toronto. That network has been valuable both professionally and personally. 6. What were the most significant/noticeable differences you encountered doing business and networking away from home and back in Ireland? Networking in Ireland tends to be more informal and relationship-led from the start. In Canada, there’s a bit more structure around it—people are generous with their time, but there’s usually a clear agenda. Both styles have their strengths, and I’ve found that being able to adapt between the two has been a real asset. The common thread in both places is that strong relationships, built over time, always matter. Sophie Dillon is Co-Founder of Orbit Accountants in Toronto.  

May 13, 2025
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Virtual reality programme for trainee accountants wins award

Last week, the Institute was proud to win Best Learning and Development Programme at the Irish HR Champion Awards for its innovative virtual reality (VR) experience. This groundbreaking combination of the latest technologies and traditional learning provides learners of audit with a unique perspective that can set them apart. The programme - developed with the Metaverse team at Sia and funded by Skillnet Ireland - addresses the very real challenge of equipping junior and trainee auditors with Professional Scepticism (PS) skills. The VR simulation puts learners into the role and persona of a junior auditor conducting an external audit, allowing them to practice PS in realistic scenarios that mirror the complexities of real-world audit environments.  Presenting the Award, Maurice Whelan, Founder and CEO of Unleash Potential Ireland, said:  “Tonight’s Learning and Development Award celebrates a programme that didn’t just raise the bar — it completely reimagined it. This organisation tackled one of the most complex challenges in professional education head-on, fusing cutting-edge Virtual Reality technology with real-world expertise to deliver a truly immersive, transformative learning experience. By embracing bold innovation and setting a global first in their field, they have not only elevated their own members’ development but captured the attention of top universities and industry leaders alike. They’ve shown that when technology meets vision and collaboration, the results can be nothing short of groundbreaking”.  

May 08, 2025
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