President Donald Trump on Wednesday accused Ireland’s tax system of luring American pharmaceutical companies, taking revenue and jobs from the U.S. because of its low corporate tax rate.
"Ireland was very smart. They took our pharmaceutical companies away from presidents that didn’t know what they were doing, and it’s too bad that happened," Trump said while sitting next to Irish Prime Minister Micheál Martin.
Trump claimed the move would never have happened had he been president.
President Donald Trump and Irish Taoiseach Micheal Martin speak to reporters ahead of meetings in the Oval Office at the White House March 12, 2025, in Washington, D.C. (Chip Somodevilla/Getty Images / Getty Images)
American pharmaceutical companies started migrating to Ireland in the early 2000’s after U.S. production peaked in 2006 ahead of the global financial crisis.
"When the pharmaceutical companies started to go to Ireland, I would have said that’s OK if you want to go to Ireland. I think that’s great. But if you want to sell anything into the United States, I’m going to put a 200% tariff on you so you’re never going to be able to sell anything into the United States," Trump said. "You know what they would have done? They would have stayed here.
"I have great respect for Ireland and what they did. And they should have done just what they did, but the United States shouldn’t have let that happen," he added.
In 2024, Ireland exported €72.6 billion in goods, which amounts to just over $79 billion, to the U.S., a reported increase of roughly $20 billion from 2023, according to Ireland’s Central Statistics Office.
Trump confirmed his belief that Ireland is "taking advantage" of the U.S., but he said his bigger beef is with the European Union.
European Commission President Ursula von der Leyen gestures as she addresses a closing press conference at the end of an EU summit in Brussels Oct. 17, 2024. (Getty Images / Getty Images)
The EU on Wednesday slapped 25% retaliatory tariffs on U.S. steel and aluminum in response to tariffs Trump imposed last week.
"The European Union treats us very badly, and they have for years," Trump told reporters, claiming the tariffs created "ill will."
Trump said he planned to "respond" to the EU tariffs and suggested he may take similar actions that he threatened to levy against Canada when the government of Ontario said it would be passing electricity price hikes on to U.S. customers.
Ontario’s threat, which it issued after Trump’s first announced round of 25% tariffs, was reversed after Trump said he would double U.S. tariffs on steel and aluminum imports to 50%.
Transmission towers that carry high-voltage electricity March 8, 2025, in Windsor, Canada. Ontario. (Bill Pugliano/Getty Images / Getty Images)
"We’ve been abused for a long time, and we will be abused no longer," Trump said regarding Washington’s relationship with the EU.
"The European Union treats us very badly, and they have for years," he added. "They sue our companies and win massive amounts of money."