Report outlines a need to meet fiscal challenges

It also said an EU-US agreement on tariffs has removed much of the uncertainty that prevailed across the year.

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However, it said the new situation of a 15% tariff represents a "clear deterioration in Ireland's trading environment relative to previous policy regime".

It said this will impact the firms and sectors whose exports are most exposed to the US, placing a renewed focus on policies around trade diversification and competitiveness.