'It's very serious' - Taoiseach warns tariffs are bad for the world economy

Taoiseach Micheál Martin has warned a potential trade war between the European Union and the United States of America is "not good for anybody".

Mr Martin made his comments ahead of what is being described by President Donald Trump and Liberation Day next week.

It's widely expected the US President will announce the imposition of tariffs as high as 25% next week and he has indicated that the pharmaceutical industry will be a specific target.

Speaking during a visit to Limerick this Friday, the Taoiseach said the Government's "over-arching priority" is to protect Irish jobs and the wider economy.

Speaking to reporters, he said "tariffs are bad for the world economy and a trade war will be very bad for the world economy".

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Mr Martin added that after an era of globalisation, in the 1990s and early 2000s many countries are now moving into an "era of potential protectionism" involving tariffs and retaliatory tariffs.

"That's not good for anybody," he said adding: "Our objective is to engage with a view to working through this, and the overarching priority is the protection of jobs and the protection and maintenance of facilities in Ireland. But it is serious, this is a fundamental change in terms of economic policy."

VIDEO: Faye Dorgan | PICTURE: Eamon Ward