Simon Harris welcomes clarity on EU-US trade deal and pharma tariffs set at 15pc

Mr Martin said it was a “significant win” for the EU and highlighted the arrangements for the pharmaceutical and aviation sectors.

The statement said that as of September 1, the US will apply a maximum tariff rate of 15pc on “generic pharmaceuticals and their ingredients and chemical precursors”.

Tánaiste and Minister for Foreign Affairs and Trade Simon Harris welcomed the clarity the statement offered on the EU-US trade agreement announced on July 27.

“We welcome clarity that the deal includes a single, all-inclusive 15pc tariff on EU goods,” Mr Harris said.

“We also now have assurance that this rate will extend to pharmaceuticals and semiconductors.

“This provides an important shield to Irish exporters that could have been subject to much larger tariffs pending the outcomes of Section 232 US investigations into these sectors.”

There is also a “zero-for-zero” tariff rate carve outs for aircraft and aircraft parts, with further carve outs to be determined for certain products in generic pharmaceuticals and chemicals.

Mr Harris said this offered a “first step” to a more “comprehensive and formal agreement with the US in the future”.

“Our intention now is to see what other carve outs can be made in areas of interest for Irish exporters,” he said.

Mr Martin said the statement brought “greater clarity and certainty” to what the agreement between the EU and the US will mean in practice.

“This is especially important for enterprises that either import from or export to the US,” he said.

“Given the scale of the pharmaceutical and semiconductor sectors in Ireland, it is important that the Joint Statement confirms that 15pc is a ceiling that will apply to EU exports in these areas in all circumstances, including when the current US Section 232 investigations are concluded.

“While I have been clear all along that I do not support tariffs, this is a significant win for the EU.

“Given the significance of the airline sector to Ireland, a specific carve-out for aircraft and aircraft parts is also welcome.

“There are areas where further work remains to be done, including a potential carve-out for med-tech products and spirits.

“I hope this will be advanced as quickly as possible. We will continue to advocate for these sectors given their significant importance to our domestic economy.”