Press Release – ICC Ireland and Chambers Ireland Urge Caution Amid Rising Trade Tensions
Dublin, 30 August 2024
ICC Ireland and Chambers Ireland have voiced strong concerns about the recent increase in tariffs on steel, aluminium, and electric vehicles, most recently seen in Canada this week.
Speaking today, Ian Talbot, Chief Executive of ICC Ireland and Chambers Ireland said:
“Trade barriers hinder both business growth and economic progress. Their ripple effect cannot be underestimated and we’re calling on global leaders to consider the broader impact of any further escalation. Additional restrictions will only lead to a harmful cycle of retaliatory measures, which would pose significant risks to Ireland’s open economy.
A balanced approach is needed at the global level to address these challenges. It’s crucial that we avoid needlessly disrupting international trade any further.”
Talbot emphasised the importance of adhering to World Trade Organisation (WTO) rules when dealing with trade barriers, noting that doing so is vital to preventing a downward spiral that could affect Irish businesses.
He further commented on the role of domestic subsidies in driving recent tariff hikes by major economies:
“We are concerned that domestic subsidies have played a significant role in these recent tariff increases. This underscores the need for a global consensus on fair subsidy practices. Such an agreement is key not only to maintaining a stable and predictable trade environment but also to supporting the shift to a greener economy.
To ensure a fair and sustainable future, governments must collaborate to establish clear and consistent rules on subsidies, particularly those that contribute to our climate goals,” Talbot concluded. “This is the only way to create a trading environment that benefits everyone while supporting the global effort to achieve a net-zero future.”
ENDS
Notes for the Editor:
For more information contact Shane Hughes at shane.hughes@chambers.ie
About Chambers Ireland:
Chambers Ireland is the voice of business throughout Ireland, with 37 member chambers across every major city, town and region of the island. Aligning our strategic priorities with the UN’s Sustainable Development Goals, our aim is to make places better to live, work and do business.
Chambers Ireland were selected by the Government as a National Champion of the UN Sustainable Development Goals in 2023–2024.
About ICC Ireland:
ICC Ireland is the Irish national committee of the International Chamber of Commerce, the world’s largest business organisation representing over 45 million companies in more than 100 countries. ICC Ireland promotes international trade, responsible business conduct, and a global approach to regulation to accelerate inclusive and sustainable growth.