Tánaiste and Minister for Finance Simon Harris is to meet with senior European commissioners as concern grows over the escalating trade tensions between the EU and the US, as President Donald Trump steps up his pursuit of Greenland.
Over the weekend, President Trump threatened tariffs on six EU countries and Norway and the UK because they opposed his ambitions to take over Greenland.
The EU trades as a bloc and it is likely that if additional tariffs were imposed, they would be imposed on all EU member states, including Ireland.
Last year, after months of negotiations, Mr Trump and European Commission President Ursula von der Leyen agreed a deal which limited tariffs at 15% on EU goods entering the US.
Yesterday, President Trump declined to say whether he would use force to seize Greenland in an interview published in NBC News this afternoon.
"No comment," Mr Trump told the network in a brief telephone interview when asked if he would use force to seize Greenland.
Mr Harris will hold talks with EU Commissioner for the Economy Valdis Dombrovskis and Commissioner for Financial Services Maria Luís Albuquerque.
EU finance ministers will also meet to discuss potential US tariffs.
Mr Harris will tell the meeting that Europe is facing an "existential moment".
He will also warn that the risk of a "spiral of events" which could inflict significant economic damage on European economies, and on the US economy too, is real and cannot be overstated.
In a statement, Mr Harris said: "We can achieve so much more through cooperation than conflict. We have a trade deal which brings much-needed certainty, and every effort should be made to ensure that it remains the framework that governs trade between the EU and the US."
"Now is a time for cool heads and for further dialogue. The destabilising effects of these geopolitical developments, should they proceed, are potentially enormous.
"Europe will stand united and respond accordingly, but for now dialogue is so important to try and find a way forward."
