Minister for Enterprise Peter Burke has warned there are “very significant challenges” and a “huge amount of global trading tensions”, as the Government announced new supports to mitigate the impact of US tariffs on Irish businesses.

The Action Plan on Market Diversification will see new markets targeted as a result of the 15% tariffs being placed on EU exports to the US.

The plan, launched by Tánaiste and Minister for Foreign Affairs and Trade Simon Harris and Mr Burke, contains over 100 actions.

The Government says this is to help mitigate against current risks and to bolster economic resilience.

Speaking on RTÉ’s Morning Ireland, Mr Burke said the Government had been focused on the UK, the EU and the US as key marketplaces and the plan is about “looking at new opportunities”, such as the Asia-Pacific market.

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He also said he reached an agreement with the Department of Public Expenditure and Reform that Enterprise Ireland can keep its own resource income.

Mr Burke said they have €600m for all competitive funds in Enterprise Ireland, and that the amount of money to be set aside for a “contingency plan” will be worked out with them.

“There’s €3.6 billion, of which €600 million is new money that I’ve negotiated through the National Development Plan … that is allocated down through the different sectors, so Enterprise Ireland, as a key agency, will now be getting €200 million additional income every single year to respond to these challenges,” he said.

Mr Burke said there could “potentially” be fewer jobs created in the future, but added that it is “very difficult to model tariffs”.

Among the proposals, there will be a programme to support the market entry of 170 new Irish exporters around the world.

The Government is to also examine the possibility of fast-tracked visa options to allow for quicker entries of skilled workers for high-demand sectors.

There is also an effort to establish a new air access fund, with the intention of finding new routes, including strategic long-haul destinations.

State Agencies will also expand their footprint.

The IDA, which currently has a presence in over 20 locations overseas, is to undertake a review of strategic locations and supports – which includes necessary financial and human resources which it needs to implement a plan to attract, retain and renew foreign-direct investment.

The body will review market opportunities in Canada and will also establish a new market presence in South Korea’s capital Seoul.

Bord Bia will look to increase its current footprints in three markets, while also examining its current footprint in of offices and considering the potential need to increase its presence based on market priorities.

There will be an increase in Tourism Ireland teams in the US and Canada.

Meanwhile, Enterprise Ireland launched two new grants to support its client companies to assess and respond to the impact of US trade tariffs.

The new supports will help companies to develop tariff mitigation strategies and to be market diversified.

Enterprise Ireland’s “Market Research Grant” will offer funding of up to €35,000 for companies to assess the full impact of tariffs, gain market insights and develop mitigation strategies, while its “New Markets Validation Grant” offers funding of up to €150,000 for companies to develop market entry strategies for new markets or new products.

An expansion of the Government’s ‘Ireland House’ model is also under way, whereby diplomats and State Agencies work under one roof. There are already Ireland House locations in New York, Tokyo, Singapore, Shanghai and Chicago – with plans to open similar facilities in London, Toronto, Lyon, Milan and Madrid.

It is aimed for trade missions, led by the Taoiseach, to restart in 2025 with multi-ministerial visit to Canada, while plans will be put in place for similar missions elsewhere in 2026 and 2027.

The Government’s St Patrick’s Day programme also features, where it states an “increased focus” on key priority and emerging markets.