WEBVTT

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The inauguration of President Trump

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for his second term in office brought
sweeping changes to key areas of U.S.

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policy.

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None more so than the US administration's
approach to trade,

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which seen a significant shakeup
in the global trade environment.

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With the United States

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once champions of open market trade,
moving to a more protectionist position.

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Driving home
the America First trade policy.

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US tariffs of reshaped supply
chains, sparked new trade alliances

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and forced businesses
worldwide to rethink strategy,

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with the ripple effects of these policy
changes being felt across every market

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and country throughout the world.

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April 2nd, coined as ‘Liberation Day’
by President Trump,

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saw the single biggest shock to the global
trading environment in history.

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It saw the openness of U.S.

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markets reversed blanket tariffs
imposed across most traded goods,

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and specific targeted measures
applied on a country-by-country basis.

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While country specific
tariffs were suspended just seven

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days later on April 9th,
that dramatic Wednesday in early

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April signalled what was to come in
terms of the US tariff policy.

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All countries would now be subject
to increased tariffs on certain sectors,

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such as steel and aluminium, copper
and automobiles would feel the impact

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of significantly heightened rates.

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April saw the first instance of a country
pushing back on the tariffs

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imposed, with the US and China
entering a brief, but costly trade war,

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seeing rates rise as high as 145%
on Chinese goods entering US.

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Tariffs on hundreds of billions in goods
disrupted supply

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chains and drove up costs for businesses
worldwide.

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The impact was clear: Manufacturers
scrambled to diversify sourcing

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and consumers
faced higher prices on everyday products.

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On a positive note, the latter
half of the year saw President

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Trump's desire to reach trade agreements
come to fruition.

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Deals were struck
with a number of countries, most notably

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Japan, the UK, Switzerland, China and,
of course, the EU.

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The signing of these agreements
offered much needed clarity for businesses

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and provided certainty on the basis
of their trading relationship with the US.

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For EU exporters, the 15% tariff
we had agreed on implemented

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in August provided welcome stability
and months of uncertainty and trepidation.

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For many companies.

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Tariffs are no longer
simply about increased duty costs.

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The supply chain impact is far broader
than that.

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These policy changes have forced companies
to reexamine their business models,

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really with a view to building agility
into their commercial operations.

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Some have looked to diversify
supply chains, and many are restructuring

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how and where products are made,
distributed and sold in markets.

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All of this is leading to complex,
direct and indirect tax considerations.

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But this new landscape needs more
than just tax folks around the table.

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It requires multidisciplinary
inputs to ensure business readiness

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from supply chain
to legal, finance and regulatory.

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The expertise of all of these functions
will be required to some degree.

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In a world of increased transparency,
where stakeholder

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and regulatory
expectations have never been more onerous.

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Ensuring a consistent
and cohesive narrative

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from reporting right through to compliance
has never been more important.

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Looking back, this year's tariff

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story was one of volatility in adaption,
from conflict to cooperation.

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These shifts remind us
how trade policy can reshape

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economies,
and staying informed is critical.

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As we close in 2025,
the year of tariff disruption.

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We look ahead to 2026
and the outlook for global trade.

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It is clear

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that businesses will continue to prepare
and deal with the impact of increased U.S.

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tariffs
and a challenging trading environment.

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So what can we expect in 2026?

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Is continued emphasis on the area of U.S.

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trade policy, with businesses
looking at both short- and long-term

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focus areas: In the near term -
the outcome of the US Supreme Court

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ruling on the IEEPA tariffs,
and the implementation

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of additional section 232 measures
would be top of mind for Irish businesses.

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While 2025 can be characterised
as the year of change,

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with significant new challenges
presented for many businesses.

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2026 will,
however, be a year of action for companies

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who have been affected by
this new US trade policy.

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As we approach the holiday season,
I hope you and your families

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will have a welcome
and much deserved break

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and we look forward to catching
up with you again in 2026.