Enterprise Ireland has launched two new grants to help its client companies mitigate against the impact of the new US tariff rate of 15%.

The supports offer funding for drawing up tariff mitigation and market entry strategies as Minister for Enterprise Peter Burke has warned that US tariffs on goods exported from the EU “will undoubtedly have a negative impact on both businesses and consumers”.

The grants come as Enterprise Ireland expects that around half of its client companies will be hit by the 15% tariffs on goods bound for the US market to “varying degrees”.

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Enterprise Ireland anticipates that the food and beverage sector is among the areas of the economy that remain particularly exposed to a tariff hit due to its reliance on US markets.

A market research grant is on offers for Enterprise Ireland clients providing up to €35,000 for assessing the full impact of tariffs, the gathering of market insights and the development of mitigation strategies.   

A separate new markets validation grant will fund companies developing market entry strategies for new markets or products up to €150,000.

“These grants will provide crucial funding to exporters, helping them to diversify their markets and build resilience into their business models,” Minister Burke said.

“While businesses strive to cement and grow trade with the US, it is critical that we seize every opportunity to identify fresh markets.”

The enterprise minister stated that a whole of Government approach to securing new market opportunities will be unveiled later on Monday.

US to remain important

Enterprise Ireland’s executive director Kevin Sherry maintains that, despite the 15% tariffs, the US “will continue to be an important primary export market for many Irish exporters”.

“Our two new grants, as well as our trade tariff response team and global team across our network of 42 international offices are key supports in assisting Irish exporters take concrete operational and diversification measures to safeguard profitability and protect jobs, against the cost pressures introduced by the tariffs.”