Ireland's pharmaceutical sector appears to have largely avoided a new US tariff rate for now, amid a broader 20% tax imposed on other goods from the European Union.
However, the industry, which accounts for a large portion of Irish exports, may be subjected to harsh tariffs at a later date as the White House seeks to increase domestic production.
US president Donald Trump announced a minimum baseline tariff of 10% on all imports from all countries, with additional higher rates for some regions - including a 20% tax on goods from Ireland and the rest of the EU.
The 10% rate is effective from 5 April while the "individualised reciprocal higher" rates will be implemented from April 9.
Further information published by the White House after Mr Trump's address suggests some goods - including pharmaceuticals and semiconductors - "will not be subject to the reciprocal tariff".
There had been significant anxiety in the run-up to the announcement, with the US administration's protectionist approach to tariffs and tax posing a major risk to the economy that is in large part sustained by long-standing investment by US multinationals.
The potential impact on the pharmaceutical sector, which employs around 45,000 people, was a particular cause of concern.
Total Irish exports were valued at €223.8 billion last year, with roughly one third going to the US.
Of the €72.6 billion in US imports from Ireland, approximately €58 billion relates to pharmaceuticals and chemicals leaving Ireland.
It had been projected this could halve if Mr Trump had implemented a 20% tariff on the goods and the EU had responded in kind.
The immediate suggestion that pharmaceuticals are not currently part of the new tariff measures comes despite both Mr Trump and his Commerce Secretary Howard Lutnick previously focusing on Ireland's moves to attract that sector.
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The US administration could still implement higher tariffs on pharmaceuticals at a later date, with the White House warning that future good-specific or sector-specific taxes may be announced. The industry will also have to examine the specifics of the lengthy and technical list of exemptions.
Mr Lutnick, who has described Ireland as his favourite "tax scam", told a podcast last month: "They have all of our (intellectual property) for all our great tech companies and great pharma companies.
"They all put it there because it's low tax. They don't pay us, they pay them - so that is going to end."
