A report by Rabobank suggests Ireland will be the major loser in any tariff war between the EU and the US. Last month, US trade representative Robert Lighthizer announced he was considering $21bn (€19bn) worth of tariffs on 317 products exported from the EU to the US.

This list includes 44 dairy products, including European butter, yoghurt and cheese with an import value of $1bn (€900m) in 2018. According to Rabobank global dairy strategist Mary Ledman, there will be winners and losers in any tariff war between the EU and the US: “The winners would include specialty dairy manufacturers across the US and in Australia, Canada, New Zealand, Norway, Switzerland, and other non-EU countries. Individually, the biggest loser is likely to be Ireland, with nearly 34,500t of annual dairy exports at risk of higher tariffs.”

The EU ships more than 100,000t of cheese to the US every year. Any tariffs applied by the US would make these cheeses, which are already expensive, even more cost prohibitive for US consumers.