Ever since Ireland joined the European Union on January 1, 1973, it has free trade among the members of the union, along with other regulations that allow the free trade to happen like agricultural and transpiration policies. When it comes to non-E.U. countries trading goods with the E.U., they must go through customs at the border in order to make it into their designated country. The U.S. has an average of a 3% tariff rate with the E.U.
When it comes to the U.S. trading with Ireland, they usually get an average rate of between 5-8% of tariffs, which includes the value of the good as well as it being packaged, insured, and delivered. Most raw materials, like food, usually enter with low rates or none, since regulations state import prices must be based closely on market prices.
According to a website called Macrotrends, Ireland’s current tariff rate with other countries around the world was at 1.69%, which happened to be a ten percent decrease compared to 2017’s tariff rate. This can make sense since because Ireland is in the E.U., it has lower tariff rates and it can be able to compete with the rest of the world with their good trading options.
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I think that you did a great job of summarizing information in a way that is very easy to understand. I think that Iceland has very low tariffs on imports which is interesting. I wonder what is causing tariffs to slowly decrease on your graph and what caused a huge increase in 1995? Great post!
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I also really liked your simple and informative blog on Ireland’s overall tariffs. You said that because Ireland’s tariff rates are now decreasing, they’re able to better compete with other countries. I would’ve liked to read about what specifically they can gain an edge against other countries now.
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I love the graph, that really helped put it into perspective and I agree, I would love to see what specifics they have an opportunity to gain an edge on now as a result of the decreasing tariffs.
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