15% US tariffs continue to squeeze semiconductor exports in 2026….
Google, Meta, Microsoft, Oracle and Apple are investing billions to expand AI capabilities in Ireland.
As 2025 draws to a close and businesses look ahead to the year beyond, a series of pressing questions is shaping boardroom agendas and strategy sessions for 2026. How leaders respond may determine not just short-term performance, but their long-term resilience in an increasingly volatile global economy.
At the top of the list are tariffs. The trade turbulence triggered by Washington shows little sign of easing, with many bracing for the next move in what has become known as President Trump’s “tariff game”. Throughout 2025, levies have disrupted supply chains and kept executives awake at night, forcing companies to rethink sourcing, production locations and financing as long-standing trade rules are rewritten.
For Irish exporters, the impact is already clear. A 15% US import tariff — a steep rise from the effective 1% rate that applied before April 2025 — is expected to continue squeezing margins, particularly in pharmaceuticals, semiconductors and drinks such as whiskey. With demand softening, exports to the US face mounting pressure.
Ireland is widely seen as the EU economy most exposed to this shift, given its heavy reliance on US markets and investment. Pharmaceuticals and semiconductors alone account for around three-quarters of bilateral trade. While these sectors are currently covered by the 15% rate, uncertainty remains as US Section 232 investigations could yet impose tougher measures on national security grounds.
Another defining challenge is the global race for artificial intelligence leadership. US tech giants with major Irish operations — including Google, Meta, Microsoft, Oracle and Apple — are investing billions to expand AI capabilities, driving a surge in demand for data centre capacity. But Ireland’s electricity grid is struggling to keep pace.
Minister of State Alan Dillon has said multi-billion-euro upgrades are planned between 2026 and 2030, yet the critical question is whether this infrastructure can be delivered in time. Delays could prompt multinationals to look elsewhere, while Irish SMEs risk seeing their own AI investments undermined if the supporting ecosystem fails to materialise.
Cybersecurity is also rising fast up the risk register. Healthcare, manufacturing and financial services remain prime targets, while geopolitical tensions have heightened threats to critical infrastructure. The World Economic Forum now ranks AI-enabled cyberattacks, deepfakes and synthetic identities among the most severe near-term risks. For executives, protecting systems from disruption — and the reputational and commercial fallout that follows — is becoming as vital as any growth strategy.
Finally, there is the question of sustainability. After a year marked by contradictions — from a renewed US push for fossil fuel production to softened EU timelines on emissions — businesses are reassessing how firmly ESG still sits on their agendas. While Europe continues to champion decarbonisation and circular economy goals, shifting global politics and economic pressures may test corporate resolve.
Sustainability may remain “a thing” in 2026, but the next two years could prove decisive in determining whether climate and ESG commitments endure amid tariffs, tech upheaval and geopolitical uncertainty.
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