Thursday 8 December 2016

Leading Trump advisor: The US wants to 'emulate' Ireland and compete with Ireland

Laura Larkin

Published 13/11/2016 | 13:51

President-elect Donald Trump Photo: Andrew Milligan/PA Wire
President-elect Donald Trump Photo: Andrew Milligan/PA Wire

ONE of Donald Trump's leading economic advisors has said the US wants to “emulate Ireland” under the new President-elect's corporate tax policies.

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Stephen Moore said today that the US has learned a lesson in business development and competitiveness from Ireland.

Donald Trump and Barack Obama held a meeting at the White House Photo: Pablo Martinez Monsivais/AP
Donald Trump and Barack Obama held a meeting at the White House Photo: Pablo Martinez Monsivais/AP

“We want to emulate Ireland... you have one of the lowest if not the lowest business tax of all…we want to be competitive with Ireland,” he said on RTE Radio.

“We’ve learned that low taxes are a good way to stimulate development, so we’re very excited about this idea.

“We do think that a lot of the companies that have left the United States will come back and they will come back from China and from Canada, Mexico and come back from Ireland."

He said lowering the corporate tax rate to 15pc is necessary to bring jobs back to the US.

Trump's victory has produced a new level of uncertainty Photo: Reuters
Trump's victory has produced a new level of uncertainty Photo: Reuters

“We need to do this, we need to bring back the jobs to Michigan, Ohio and Pennsylvania. We need to bring back the jobs that have left.

“I think overall the lesson that we’ve learned is that a good way to stimulate more business investment is to cut our business tax rate and we learned it from Ireland,” he said.

“We’ve lots a lot of manufacturing, we’ve lost a lot of plants, most of them have gone to places to Mexico and Chine. We just haven’t been competitive in the United States, we’ve had very high taxes, we’ve had strangling regulations, we’ve got crazy climate change policies…All of that is going to change in America. We’re going to start producing things again in America and making things again," he told  RTE’s Marian Finucane.

Amid concern that a reduction in corporate tax in the US will damage Ireland’s Foreign Direct Investment (FDI) opportunities and lead to, as Mr Moore predicted, “a flood” of companies leaving Ireland, he said US growth will be good for everyone.

“As we get it right in the United States I think that’s going to lead not just to a prosperity here in America but it’ll be spread around the globe as there is a new appreciation of the power of free enterprise and free markets ,” he said.

“I think when we get it right the whole world will see bigger export markets to the Unites States, I think trade will actually expand.”

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