Irish premier Micheal Martin said he hopes the pharmaceutical and semiconductors manufacturing sectors will form part of negotiations between the European Union and the US.

Almost a week after US President Donald Trump announced he would be pausing his tariffs for 90 days, the EU is hoping to negotiate a trade deal with Washington before the deadline runs out.

Mr Trump said he was suspending the so-called reciprocal tariffs for 90 days, however his 10% rate is still in effect across the globe.

Speaking in Cork on Monday, Mr Martin said the tariffs have brought a lot of “uncertainty”.

The US has yet to announce plans to slap tariffs on the pharmaceutical sector, which is a particular concern for the Irish economy as it accounts for a significant amount of exports to the US.

Pharmaceuticals are currently exempt from the 20% tariffs but the US administration has previously said it would consider taxing such imports.

“There is an opportunity now for negotiation and I would hope, in that opportunity, that the sectoral issues in pharma and also in semiconductors would form part of that”, the Fianna Fail leader added.

“In other words, that it would form part of the wider negotiation and the European Commission is also of that mindset, so that they would have a comprehensive settlement between the European Union and the United States.

“It is the largest trading relationship in the world, hugely impactful and it is important that we don’t end up in a situation where undue harm would be caused to people or indeed to the world economy or those specifics sectors.

“Medicine is key to life and tariffs will increase the costs and that’s the key point, both in America and around the world.

“There are issues that the US has legitimately raised. It’s our view in Ireland that the European Commission is willing to engage in discussions and negotiation with the US to get a reasonable settlement that is sustainable for our respective economies and the people that we represent.”

Meanwhile, Sinn Fein leader Mary Lou McDonald said she raised the tariffs issue during their meeting with Northern Ireland Secretary Hilary Benn on Monday in Belfast.

She called on the Labour MP to “lessen” the administrative burden on businesses.

Ms McDonald said: “We also, of course, discuss the ongoing issues around tariffs and the uncertain trading dynamic across the world, but as it applies to the island of Ireland.

“We are very keen to protect the Ireland economy, to protect jobs and livelihoods, to protect the prospect of further investment across the island of Ireland, north and south.

“We have, of course, raised with the Secretary of State, in particular, the need to lessen the administrative burden and red tape when it comes to the reimbursement schemes that are provided for.”