Donald Trump puts 40k pharma jobs in election focus
Doubts about the future of up to 40,000 jobs in the US pharma giants in Ireland — of which a large share are based in the Cork region — will linger should Donald Trump secure re-election after the US president again signalled out Ireland, a leading economist has said.
UCC economist Seamus Coffey, who wrote the eponymous report on US multinationals for the Department of Finance three years ago, said the comments will cause some lingering concerns for Ireland should Mr Trump be re-elected in November.
A large share of the 40,000 jobs in US pharma makers in Ireland are employed in the Cork region.
European stock markets went into a tailspin following comments by Mr Trump that raised fears of a new bout of US-China world trade ructions — and an explicit threat to the future of the jobs at the US pharma giants in Ireland.
The main European stock indices closed almost 2.5% lower yesterday after Mr Trump raised concerns over the US relying on supply chains in China, and again suggested too many US manufacturers such as big pharma have operations outside of the US, including in Ireland.
“It’s not only China,” he said. “You take a look at Ireland. They make our drugs. Everybody makes our drugs except us. We’re bringing that whole supply chain back.”
Administration officials later said the White House intended to rip out supply chains from China.
Stock markets took a battering on fears that the comments in an election year meant that Mr Trump was intent on reigniting the global trade conflict to distract from the grim hit to the US economy from the Covid-19 pandemic.
