The Irish Independent’s View: Ignoring global storm clouds could come at a crippling cost for the Coalition

As if we were not already drowning in a sea of dread about our economy, along comes Donald Trump to ­torpedo the lifeboat. News that the pharma sector could be hit with tariffs from as early as next month has been greeted with shock.

EU trade chief Maros Sefcovic has been dispatched to Washington where he will meet US commerce ­secretary Howard Lutnick and others.

The trouble is, the organ-grinder-in-chief is dancing his own dance, and nobody else seems to know the steps. Exhaustively intricate position papers are agreed, only to be shredded as Mr Trump backtracks.

Yes, economists may point to Mr Trump’s pattern of backing off on threats, but how are governments realistically expected to draft budgets when revenues may be wiped out on a Washington whim?

The pervading uncertainty has added an extra ­patina of unreality to proceedings in the Dáil.

As Sinn Féin leader Mary Lou Mc Donald was grilling Taoiseach Micheál Martin on how the State could be running a surplus of €8bn yet there was no extra provision for ordinary working families, leaders in Brussels were putting the finishing touches to a €2tn EU budget for 2028 to 2034.

The framing of the spending plans for the bloc has become fiendishly difficult as it pre-empts Mr Trump’s trade war.

“It is a budget that matches Europe’s ambition, that confronts Europe’s challenges and that strengthens our independence,” European Commission president Ursula von der Leyen claimed. It would deliver for “citizens, businesses and the future”.

A tall order, given the turbulence created by tariffs. A proposal allocating €131bn specifically to defence and space – a fivefold increase over the current level – is testament to Mr Trump’s America First policy. Since taking office, he has repeatedly signalled Europe must go it alone.

Against such international upheaval, Mr Martin seemed incredulous that Ms McDonald should be so fixated on living costs, but all politics is local, after all.

The Sinn Féin leader was adamant she would raise the issue with Mr Martin “every single day I have to” until action was taken. But the Taoiseach argued the State was facing a very difficult situation globally, to which Ms McDonald seemed “oblivious”.

“There are limits to what any government can do, and you are the opposition without any limits,” he said.

Earlier this week, Ms McDonald also highlighted how people “desperately need help” – and she is right. Whatever resources remain must be given to those who require them most. But the days of something for everyone are over.

The Government will be cognisant of the political costs of a cautious budget. But the past should also have taught it that ignoring international storm clouds can also carry a crippling tab.