Proactive strategies for firms amidst tariff policies

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In response to the tariffs announced by US President Donald Trump, Aidan Lyons, Director at leading business advisory firm Grant Thornton Northern Ireland, said:

There is no silver bullet for Northern Ireland businesses in how they can navigate the challenges posed by President Trump’s tariffs, but it is crucial that they are agile, strategic, and proactive in managing risk within an increasingly uncertain trade environment.

More than ever, companies must stay informed about the evolving trade landscape, assess the potential impact on their supply chains, and explore ways to mitigate disruption. Understanding the origin of their goods is vital for businesses, as this will determine which tariffs may apply on goods imported into the US and may provide a competitive advantage for NI goods which are subject to a 10% tariff rather than a 20% tariff for EU goods. NI firms must also ensure they are fully cognisant of Windsor Framework implications in relation to any reciprocal EU tariffs on US imports.

There are a number of critical factors businesses can concentrate on in the new environment including: an opportunity to explore mergers and acquisitions as a strategic option, how to achieve supply chain stability, seeking access to new markets, or strengthening their competitive position. Strategic partnerships may also support greater resilience in the face of shifting trade dynamics.

As challenging as they may be, these tariffs are now a reality and must be managed. Taking advice, staying informed and being prepared to adapt are positive initial steps that companies can take to mitigate risk and remain competitive on the global stage.

Experts / Authors

Aidan Lyons Aidan has rejoined Grant Thornton to lead the Indirect Tax team in Northern Ireland. He started his career working for Big 4 firms in London and the Thames Valley before originally joining Grant Thornton in 2005 and subsequently moving to Northern Ireland in 2010. View Profile

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Commentary

Proactive strategies for NI firms amidst Trump's tariff policies

04 Apr 2025

In response to the tariffs announced by US President Donald Trump, Aidan Lyons, Director at leading business advisory firm Grant Thornton Northern Ireland, said:

Experts / Authors

Aidan Lyons

Aidan has rejoined Grant Thornton to lead the Indirect Tax team in Northern Ireland. He started his career working for Big 4 firms in London and the Thames Valley before originally joining Grant Thornton in 2005 and subsequently moving to Northern Ireland in 2010.

View Profile