The US has added Ireland to its list of countries it’s keeping tabs on due to the country’s large trade surplus with the US. The move comes as part of the US Treasury’s semiannual report on macroeconomic and foreign exchange policies, which also includes Switzerland and nine other countries.
President Donald Trump’s “America First Trade Policy” aims to identify and take action against currency manipulation and unfair trade practices. The US has been monitoring these issues since 2016 under former President Barack Obama’s administration.
Ireland’s record €50.1 billion trade surplus with the US last year was largely driven by pharmaceuticals produced in the country, mainly for US-based companies like Eli Lilly and Pfizer. The country has also attracted tech giants like Google, Meta, and Apple to set up their European headquarters there.
The US has been critical of Ireland’s approach to attracting foreign investment through tax incentives, which has given the country a talent and infrastructure advantage over its competitors. This has led to concerns that Ireland is gaining an unfair competitive edge in trade with the US.
As part of President Trump’s “Liberation Day” tariff plan, Ireland would have faced tariffs based on its trade surplus with the US. However, due to its membership in the EU, which imposed a collective 20% tariff, Ireland was spared from the worst of the tariffs. The current tariffs on Chinese imports are currently on hold pending negotiations.
The US has previously added China to its “Monitoring List” in 2019, but did not label it as a currency manipulator due to ongoing trade talks.
Source: https://fortune.com/europe/2025/06/06/ireland-joins-the-likes-of-china-and-vietnam-on-list-of-countries-the-u-s-is-monitoring-for-currency-manipulation