DUBLIN, April 9 (Xinhua) -- Irish Business and Employers Confederation (Ibec), the largest business representation organization in Ireland, has expressed concerns about the trade friction between United States and China, saying it would pose a potential risk for the growth of the country's economy, reported local media RTE on Monday.
The concerns were expressed by Gerard Brady, Head of Tax and Fiscal Policy at Ibec, while talking to local media about the future outlook of the Irish economy.
Brady said that there were potential headwinds in the global and domestic economies despite a 5.6 percent strong growth predicted by his group for the Irish economy in 2018.
In terms of potential global headwinds, Brady expressed concerns about talk of a looming trade war between the U.S. and China, and the effect that could have on the Irish economy apart from the possible impact of a strong euro on the competitiveness of the country's exported goods in the future.
"If we were to see a (U.S.) trade war with China, it would say something about the rollback of globalisation. That would be the major threat for the future of the Irish business model," he said.
He said that Irish economy is very vulnerable to external risks.
The Irish economy depends heavily on its exports. Currently the U.S. is the largest export market of Ireland, and China is its largest trading partner in Asia with believed huge potential for Ireland.
Brady said that specific industries could be harmed in the event of tariffs being placed on goods coming out of the European Union (EU).
"The EU has said it would put tariffs on bourbon if the U.S. puts tariffs on European goods. The U.S. would then be expected to put tariffs on the whiskey industry which has been growing here on the back of exports, particularly to the U.S.. It would be a real threat for specific industries," he said.
Founded in 1993, Ibec represents the interests of 7,500 companies and organisations of all sizes and sectors in Ireland.
