‘Transactional’ Trump win will not enourage US companies to leave Ireland, Taoiseach Simon Harris says

Mr Harris is in Budapest today to meet EU leaders at an informal European Council summit. Leaders will also discuss the election of Donald Trump to be the next US President and what impact he may have on economies around the world.

"The risk of a transatlantic shock has now increased, I think that is a statement of fact, but we need to work our way through all of these things and we need to engage with the administration on a European level.

"US elections are always consequential beyond their own borders," he said.

"One of the very reasons we have ran Budget surpluses, one of the very reasons we have put money aside into funds to protect for the future is to make sure that if there is any shock to the Irish economy in the years ahead, or the European economy, or any sort of transatlantic trade shock, that actually there is a buffer in place in the Irish economy.

"We've been often excoriated as a Government and my own political party by political opponents for making those decisions, I think those decisions seem even more wise today than they did last week," Mr Harris said.

Mr Harris said Mr Trump is a businessman and is "somewhat transactional". He said Ireland offers talent, access to the EU and a "bridge" on the Atlantic.

"The EU is a major market and a major opportunity for the US to do business with the EU," he said.

He said the EU and Ireland will work with the "democratically elected" President.

Mr Harris said Ireland's neutrality position is "not up for discussion" but said there will be a need to invest more in defence and security.

On Ukraine, he said Europe should stand with Ukraine and said there "cannot be a situation" where territories are annexed.

He said any peace negotiations should be grounded in the EU Charter.

The Irish Government has sought a call with President-elect Donald Trump.

Mr Harris was asked about the potential security implications of a Trump presidency and whether European nations need to invest more in defence. Particularly with regard to support for Ukraine as the US may cut support for the war-torn country.

"The Irish position of military neutrality is not up for discussion, there are no plans to change Ireland's military neutrality stance," he said.

"But you can say that and also say the next thing – that Ireland does, of course, need to be aware that we're not immune to the risks that exist in Europe, into threats that exist, including cyber threats."

Mr Harris said there is a need for Ireland to "invest more in defence and in working on security".

"Just because you're militarily neutral, it doesn't mean that you're immune from those risks," he added.

"I think, in relation to Ukraine more broadly, and I look forward to seeing President [Volodymyr] Zelensky today, I mean, Europe has to stand with Ukraine for as long as it takes.

"We cannot have a situation where a country can, through aggression, through illegal war, annex people's territories. And, you know, there's been a lot of good work done in terms of the peace summit in Switzerland, which I attended, and other meetings to try and chart a way forward to bring peace to Ukraine.

"But that has to be grounded in the principles of the UN Charter. And I look forward to having an opportunity to really take stock today with around 39 leaders from across the European Union and the broader EU family, including the British prime minister [Sir Keir Starmer], on these issues."