DONALD Trump’s election as US President-elect could have serious implications for tens of thousands of jobs in Northern Ireland.
That’s if the Republican makes good on his pledge to reshore overseas jobs back to the United States.
Among Trump’s key economic pledges was to repatriate more than a trillion dollars in overseas profits by offering a tax rate of just 10 per cent.
It could have implications for some of the around 175 US-owned companies in Northern Ireland which employ almost 24,000 people between them.
In the manufacturing sector alone, big names such as Caterpillar, Terex and Astec are all American-owned.
Meanwhile, Asda, which has 5,000 people on its payroll making it one of the north’s biggest employers, is owned by American retail giant Walmart.
Other major employers include call centre Concentrix with 1,800 workers and insurance provider Allstate, which employs more than 2,000 people in the north.
Analysts have suggested uncertainty around a Trump presidency could put other US investors, already jittery following the Brexit vote, off coming to Northern Ireland.
Stephen Kelly, chief executive of trade body Manufacturing NI said that remained a key concern for firms in the industry.
“While we don’t expect companies to go, we do think that future investments plans will be subdued, delayed of put off altogether, at least while there is uncertainty around what Trump’s economic policies will be,” he said.
However, he said there was “definitely no panic” from businesses in the north.
“The difference between the morning after the Trump election and June 24 (following the EU referendum) has been stark,” he said.
“My phone didn’t stop after the Brexit vote but it hasn’t rang at all today.
“Obviously one of the major points of the Trump campaign was his belief that American manufacturing should be reshored to the United States.
“But I think the feeling among many in the industry is that a lot of his pledges were in the heat of the campaign and will be tempered somewhat when he is finally in office”.
The election may also concern the north’s strong network of exporter who sold more than £1.3bn of products and services into the United States last year between them.
Commentator Peter McGahan who owns Fermanagh-headquartered Worldwide Financial Planning said a Trump presidency would likely see “a greater focus on domestic led activities and companies in the US at the expense of free trade and globalisation”.
Meanwhile, Christian Stadler of Warwick Business School said Trump’s victory “brings a similar uncertainty as Brexit did”.
“We simply don’t know which of his campaign promises will translate into policy,” he said.
“For UK business it is a particularly big threat as trade with Europe is likely to decline as a result of Brexit, so companies have to offset business losses, but the US will also be a more difficult place to trade with.”
