DAVY VIEW

A number of details about yesterday’s 15% tariff deal between the US and EU remain unclear. However, despite the inclusion of pharmaceuticals (other than some chemicals and generics) within the scope of the deal, we remain sanguine about the likely impact of US tariffs on the Irish economy. Today’s Irish Q2 GDP print is likely to decline compared to Q1 but still increase compared to Q2 2024. Elsewhere, a busy week lies ahead for US economy news, including the Federal Reserve’s meeting on Wednesday.