No welcome with open arms for 15% tariffs but it avoids ruinous trade conflict..

Taoiseach and Tanaiste both give a cautious welcome to deal | 'Stabilty of deal important for businesses and consumers'

- BY CIARA O'LOUGHLIN

TAOISEACH Micheal Martin welcomed a deal of 15% import tariffs on goods between the US and EU, saying a trade war would have been "ruinous".

This is despite Ireland's biggest exports to the US such as pharmaceuticals and whiskey being left in the dark, as tariffs on these sectors are yet to be decided.

Speaking yesterday, Mr Martin said no one is welcoming this agreement "with open arms" but that it avoided a "ruinous" trade war.

He added that what effect the new trading arrangements would have on October's budget would be decided closer to the time.

The Taoiseach said: "I think we've been consistent in saying we don't agree with tariffs, that we prefer if there weren't tariffs, but we have to deal with realities.

"New realities are in play and so at a broader level, the stability and predictability that this agreement brings is important for businesses, is important for consumers and indeed patients when it comes to the manufacturing and distribution of medicines.

"In essence, we have avoided a trade conflict here which would have been ruinous, which would have been very damaging to our economy, and to jobs in particular." The baseline tariff applies to most European exports to America, except for a list of no tariff goods that include aircraft equipment, some chemicals and some agricultural products.

The rates on pharma are still being negotiated and will remain at a zero tariff rate while talks continue.

President Trump said it will be decided "in the near future".