The roll-out of the supports comes as the Government is set to launch an Action Plan on Market Diversification later today.
According to its analysis, 450 of 950 Enterprise Ireland client companies that currently export goods to the US will be most impacted by the new 15pc US tariff rate on EU goods.
With the varying impact of the new tariff rate depending on the level and nature of the company’s US exports, the client companies, mostly in the food and beverage, engineering, life sciences, and consumer products sectors, account for €4bn in goods exports to the US.
Meanwhile, the total Enterprise Ireland client company exports to the US last year were €6.6bn, while clients’ total exports were €36.75 bn.
The new supports aim to help companies to assess and respond to the impact of US trade tariffs.
Market Research Grant will offer funding of up to €35,000 for companies to assess the full impact of tariffs, gain market insights and develop mitigation strategies.
Meanwhile, the New Markets Validation Grant is set to offer funding of up to €150,000 for companies to develop market entry strategies for new markets or new products.
The Enterprise Minister, Peter Burke, said: “The imposition of US tariffs on EU products will undoubtedly have a negative impact on both businesses and consumers in the US and the EU.”
“These grants will provide crucial funding to exporters, helping them to diversify their markets and build resilience into their business models.
“While businesses strive to cement and grow trade with the US, it is critical that we seize every opportunity to identify fresh markets.
“The Government’s Action Plan on Market Diversification, being launched later today, takes a whole-of-government approach to supporting Irish companies to secure new and diverse markets for their high-value and innovative products,” he added.
Meanwhile, Executive Director of Enterprise Ireland, Kevin Sherry, added: “Enterprise Ireland is continuing to support client companies adopt a strategic approach to consolidate and grow their business in the US, while also pursuing diversification in other key markets, products, and customer bases to enhance resilience and sustain long-term growth.”
“Our two new grants, as well as our trade tariff response team and global team across our network of 42 international offices are key supports in assisting Irish exporters take concrete?operational and diversification measures to safeguard profitability and protect jobs, against the cost pressures introduced by the tariffs.”?
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