Is the re-election of Donald Trump a potential threat to Galway-based multinationals?
By Chiara Alfieri
With the re-election of the soon-to-be 47th president of the United States, Donald Trump’s agenda has provoked reactions all the way to Galway.
The impact that Trump’s comeback will have on the Irish economy and more in particular on the American multinationals based in Galway is a primary topic of discussion.
Professor of Economics and Head of Discipline at the University of Galway, John McHale commented on this, highlighting potential risks.
“Although American multinationals are well established in the Irish economy and disinvestment would be costly, the policy platform of the President elect does create significant risks.”
Taking the various economic sectors into consideration, McHale pointed out in particular how the pharmaceutical sector could undergo changes.
“A lowering of the US corporate tax rate and a tariff of imports of 10 percent could lead to the on-shoring of certain activities, with the pharmaceutical sector at particular risk.”
“This increases the importance of remaining competitive in the market for FDI and strengthening the base of indigenous exporting businesses,” he said.
The news also prompted comments of the various heads of state and international leaders including Irish Tánaiste Michael Martin.
He said he ‘is not worried about the impact a Trump administration will have on US multinationals based in Ireland’.
Issuing a statement on his social media, Martin said, “As we prepare to engage with a new US administration, we do so building on the strong legacy of the last 100 years.”
The 47th president of the United States spoke to his supporters on Wednesday 6 November in West Palm Beach, Florida, saying that “this is a movement like no one has ever seen before.”
“This will truly be the Golden Age of America,” Trump said.
