BBC News NI business and economics editor<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n A US tariff of 10% on UK goods could cost the Northern Ireland economy \u00a385m and 800 jobs over the next 15 years, a Department for the Economy study has suggested.<\/p>\n It does not mean the economy will shrink in absolute terms, rather it will be smaller than it would have been if the tariffs had not been imposed.<\/p>\n The study only considers the direct effects on Northern Ireland exports rather than any secondary effects.<\/p>\n The impact would rise to a \u00a3110m loss of potential economic output if US President Donald Trump was to impose a 20% tariff on pharmaceuticals.<\/a><\/p>\n<\/div>\n Pharmaceuticals is the part of the Northern Ireland economy which is most exposed to Trump tariffs as almost half of the sector’s export sales go to the US.<\/p>\n The study suggests a 20% tariff would mean pharmaceutical sector output would be around 5% lower compared to a no tariff scenario.<\/p>\n Tariffs are effectively a tax on imported goods and are a major part of Trump’s economic policy.<\/p>\n<\/div>\n Since re-entering office in January, he has raised tariffs on specific items such as steel, aluminium, and cars and imposed a blanket 10% levy on most goods from trading partners around the world.<\/a><\/p>\n![\"Reuters](\"https:\/\/ichef.bbci.co.uk\/news\/480\/cpsprodpb\/bcd4\/live\/8b0a2840-42c3-11f0-93dd-9f3a34381ccc.jpg.webp\")
Reuters<\/span><\/div>\n<\/div>\n