Inside Business Podcast: Threat from Trump’s tax plans
Prospect of special levy on imports is the biggest issue for Ireland
Donald Trump has promised to introduce sweeping reforms to the US tax system, but uncertainty remains about what he will do. Photograph: Andrew Harrer/Pool/Getty Images
US president Donald Trump has promised to introduce sweeping reforms to the US tax system, but uncertainty remains about what exactly he will do.
Under this plan, US companies would have a financial incentive to export, but could be penalised if they manufactured products outside the US for sale on the home market.
Some investment decisions by major US companies looking at plants or expansions here have been put on hold pending resolution of that uncertainty, according to Mr Vale.
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Travel ban dominates
Newly installed Irish Times Washington Correspondent Suzanne Lynch said tax has not been the focus of the Trump administration so far, with immigration and the travel ban dominating discussion.
However, there is an expectation of some detail on the president’s tax reform plan by the middle of the year.
Also on the podcast, Irish Times columnist Chris Johns spoke about the need for some radical thinking in the face of Trump’s proposed reforms.
Ireland is one of the most open trading economies in the world, he said, and any hit to world trade is potentially very serious.
“If there is any kind of a trade war coming there is no good news for Ireland in that at all,” he added.