Phil Codd, managing director, Expleo. Image: Expleo
Trump’s tariffs, among other policies, have made Irish entrepreneurs nervous about exploring a future that involves close ties with the US economy.
Global engineering, technology and consulting company Expleo has conducted a survey to determine how business leaders in Ireland view the economy developing over the next 12 months. Of those surveyed, 57pc of organisations are looking into how they can reduce their reliance on the US, in light of recent tariff policies.
Censuswide on behalf of Expleo collected information from 200 businesses and IT decision-makers from organisations with more than 250 employees based in Ireland.
What was discovered is that, since November 2024, 64pc of organisations surveyed have assigned at least one person to assess the impact of new US policies on their business.
Since coming into office for his second term, US president Donald Trump has many ruffled feathers with the imposition of heavy tariffs on a number of countries and industries, including an unusual 100pc tax on films made outside of the US.
Nearly 30pc of business and IT leaders surveyed said that cyberattacks and a US trade war were the major threats to Ireland’s digital economy in the next year, second only to digital infrastructure constraints.
While 70pc of enterprises believe Ireland is a good location for digital innovation, 63pc explained they are preparing for a weaker Irish economy over the next 12 months, with 64pc preparing for a weaker global economy.
Commenting on the study, Phil Codd, the Expleo managing director for Ireland, said, “Our research clearly points to a nervousness among the largest enterprises in Ireland about geopolitical risk. By diversifying their trading relationships and reducing over reliance on any one market, even one as significant as the US, organisations can build greater resilience against global economic shocks.
“However, it is crucial that businesses, particularly large ones, avoid knee-jerk reactions. The US remains the world’s largest economy and an important trading partner. The goal should not be to abandon trading relationships with the US, but to supplement it with new ones. Now is not the time to retreat, it is a time for bold action. The most successful organisations of the future will be those who embrace change, not fear it.”
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