DUBLIN, Ireland: With new U.S. tariffs looming, the Taoiseach has issued a stark warning about rising protectionism and urged for a path back to EU-U.S. negotiations.

Speaking in the Dail, Micheal Martin said the tariffs expected to be announced by Donald Trump later today represent "the most serious issue to face the Irish economy in a long time." He cautioned that the scale of the measures would be "very, very significant in European terms."

"This is, without question, the most serious issue to face the Irish economy in a long time, and it's clear that the scale of these tariffs will be very, very significant in European terms," Martin said.

"I would, in the first instance, say Ireland does not believe in tariffs. The European Union does not believe in tariffs, and the European Union doesn't want tariffs. So the European Union hasn't started this. Ireland hasn't started this."

Trump is expected to introduce tariffs of approximately 20 percent on imports from EU countries, including Ireland. Irish exports—particularly pharmaceuticals, food, and drinks—are likely to be significantly impacted.

Martin said finding a resolution through dialogue remains critical: "Part of the approach in designing any countermeasures from the European Union will be the negotiating table. Can we get this to a negotiating table where you can get a reasonable, settled pattern? It will not be status quo... I think the old order is changing."

He added, "It's regrettable we are in a Europe of increased protectionism. That is not good for Ireland. It's not good for open economies."

The Taoiseach confirmed he would convene a meeting of party leaders following the tariff announcement.

Sinn Fein leader Mary Lou McDonald described the situation as a "significant economic challenge" and stressed the need to protect Irish jobs and industries.

"The hard reality is that the Irish economy is particularly exposed," she said. "Whilst the severity and scope of these tariffs are yet unknown, it is clear that this will present a significant economic challenge to Ireland."

She warned against "knee-jerk" EU countermeasures and called for investment in public services, research and development, and housing.

Finance Minister Paschal Donohoe has warned of potential consequences, including slower job creation, reduced tax revenue, and possible delays in income tax cuts.