One-fifth of the EU’s exports are heading to the US. Tariffs on the carmaking sector hit the German economy the most, but potential tariffs on the pharmaceutical one could cost substantially to the Irish economy.

A preliminary agreement to ease the tariff dispute with the US is considered imminent, but the EU is concerned about the negotiations of a comprehensive deal and the transatlantic relationship that will follow.

Germany's Economy Minister Katherina Reiche warns that President Trump's proposed 30% tariffs on EU imports could harm European exporters and US consumers. She advocates for a swift and pragmatic resolution to the trade conflict to prevent further economic damage amid rising tensions.

US tariff policy reduces trade and heightens uncertainty, decelerating both economic and insurance premium growth around the world, a recent Swiss Re