US President Donald Trump's broad hint that he will impose a 25% tariff on European Union goods is certainly a negative development.
Mr Trump had previously hinted that he would introduce an import tax of that level on pharmaceuticals arriving from the EU.
Ireland exports €72bn of goods to the US annually of which €58bn is manufactured by drug companies.
Now, the question is whether the balance of €14bn could also be taxed at 25%.
These are mainly food, drink, machinery and other manufactured goods.
It is not entirely clear from Mr Trump's comments if they will be taxed at 25%, but it cannot be ruled out.
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No doubt the big concern for the Irish authorities will be the exports of pharmaceuticals to the US.
Much of what is manufactured here by drug companies are ingredients and not finished products.
CEO of the IDA Michael Lohan last week indicated that whether tariffs are imposed on completed goods could be a factor in determining how Ireland is affected.
However, until the Trump administration spells out exactly what it is planning, it will be difficult for the Irish Government to assess the damage.
Of course, it will not be up to ministers in Dublin to impose reciprocal tariffs. That decision will be made in Brussels.
Last week, Chairman of the IDA Feargal O'Rourke said he hoped that the EU would stand with Ireland as it did during Brexit.
Given Ireland's massive exposure to trade with the US, he won't be the only one
