Tánaiste Simon Harris will seek to establish a new trade forum to keep US business in Ireland amid concerns over the new Donald Trump presidency, writes Sarah McGuinness.

The Fine Gael leader, who has taken over the beefed-up role as Minister for Foreign Affairs and Trade, moved yesterday to downplay fears over the ramifications of Trump’s return to power.

Trump has implemented radical reform in the US since he retook office last Monday.

Yesterday alone he signed three executive orders to reshape the military, which will see a ban on transgender people in the US armed forces and the reinstatement of service members who were discharged for refusing to get vaccinated for Covid-19.

The pace at which he has moved, and the severity of the change implemented, has left many concerned Trump will follow through on his promise of introducing tariffs on US imports and lowering corporation tax.

Speaking to reporters at a meeting of the EU Foreign Affairs Council in Brussels, Harris said Ireland “can do business” with the US.

However, he said “early engagement” between the EU and the US is “essential”.

“I think Europe should not just become a multilateral organisation that talks about President Trump,” the Tánaiste said.

“We should also be one that talks about what we are going to do ourselves.

“We must now control what we can control… And [that] means engaging with President Trump in a way I think he relates to: about the benefits to the US of doing business with the EU and member states of the EU.

“We can do business with the Trump administration. My country has done business with every US administration.”

Harris also said that he will establish a new “trade consultative forum” in the next week to listen to the needs of US and other businesses in Ireland.

It is understood that the forum will include key stakeholders, such as Ibec, the American Chamber of Commerce, Isme, IDA Ireland, Enterprise Ireland and Irish embassy officials.

Harris said that he wants to get “in the broadest sense of the word, Team Ireland” around the table.

“Whether you’re the Government of Ireland, whether you’re people investing in Ireland, whether you’re people looking to seek investment in Ireland – I think it’s really important we all work together on trade,” he said.

“It’s important we listen carefully to what people considering investing in Ireland are saying to us, and they’re saying we need to see a greater investment in infrastructure, things like water, energy and housing.”

A spokesperson for Harris said that the EU must engage with Trump’s administration from a place of “strength and unity”.

The Tánaiste told foreign ministers across Europe that the US-EU trade relationship was “interdependent before the election of President Trump and that reality remains even after the election and his recent inauguration”.

Harris also highlighted the “positive role” that Trump’s team has played in achieving a ceasefire in Gaza.

“I acknowledge the very intensive work that the Trump administration put in days before President Trump assumed office,” he said.

The Tánaiste continued: “I’ve no doubt that it played a very significant role in helping to bring about a ceasefire, a ceasefire that has now seen the killing and the bombing stop, that has seen the aid flow and has seen hostages be released.”

His comments come as a new report from Goodbody’s Stockbrokers, titled ‘Dodging Bullets – Impact of Trump 2.0’, found that Trump’s economic proposals pose “the biggest vulnerability” to the Irish economy.

The report author, economist Dermot O’Leary, said that the risk is comparable to the aftermath of the 2016 Brexit referendum.