Ireland's minister for finance is "extremely concerned" about the economic impact on Ireland's economy of the tariffs the U.S. plans to impose on pharmaceutical exports, reports BBC News.

Speaking to Irish broadcaster RTÉ, Paschal Donohoe said the Irish government was preparing for "real and significant" difficulties if U.S. President Donald Trump imposes tariffs on drug imports.

Speaking on March 27, President Trump suggested there would be specific tariffs on pharmaceuticals as the U.S. "doesn't make anything" in terms of drugs and medicines.

Nine out of ten of the world’s largest pharmaceutical companies are established in Ireland, persuaded to move there by a favorable tax environment and access to a well-educated, English-speaking workforce.

During a visit to the White House by the Irish Taoiseach (prime minister) Micheál Martin, Trump said that Ireland had the "entire U.S. pharmaceutical industry in its grasp." 

Speaking to RTÉ on March 28, Martin said the "overarching priority" for the government is to protect Irish jobs, because Trump's tariff plans will likely affect pharmaceutical and other firms' presence in Ireland.