Minister for Agriculture, Food and the Marine, Michael Creed, has called a trade war between the US and China “the last thing we need”, according to the Irish Independent.
Minister Creed warned that any war on trade between the two countries would have a substantial impact on Irish exports. He said that trade barriers were damaging and significant international partners "using a vocabulary that is hostile to trade" was not good for Ireland.
He added that the US-Chinese trade war could spill over and that Ireland needs to be aware of an EU response to a situation that could “spiral out of control”.
"We are probably one of the most globalised economies in the agri-food space and the last thing we need is people putting up barriers to trade," he said.
Irish exports saw positive growth in both its US and Chinese markets last year. Exports to the US exceeded €1 billion for the first time, and exports to China grew 5% to €700 million, driven by dairy and pig meat.
Minister Creed recently lead a trade mission to China to discuss new trade routes for beef exports to a market of 1.5 billion people which would greatly help to offset the uncertainties arising from Brexit.
"There are talks about a trade war between China and the US over steel and aluminium. That could quickly spill over into having a damaging impact on us because the EU has responded in the context of steel and has put products like bourbon and Harley-Davidson on a reciprocal trade blacklist for US imports. That could very quickly spiral out of control,” he added.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.