Last week’s salvo of tariffs by the Trump administration raised the stakes for global trade partners, particularly those hit hardest in Asia and Europe. The EU tariff is to be set at 20%, with a carve out in some areas for now, such as semiconductors, lumber, and crucially for Ireland, pharmaceuticals. In Asia, major exporters such as China, Vietnam and Japan will have tariffs at much higher rates than the EU. Comparatively, the UK has fared better, with a tariff rate of 10%.