Bloomberg Talks
Episode: IDA Ireland's Michael Lohan Talks Tariff Threats
Date: January 19, 2026
Episode Overview
This episode explores the mounting tensions between the US and Europe over tariff threats, just as the World Economic Forum begins in Davos. Bloomberg host Stephen interviews Michael Loewen, CEO of IDA Ireland, on the impact these uncertainties have on foreign direct investment (FDI), Ireland’s economic resilience, and the importance of international dialogue. The conversation delivers insight into how multinational companies are navigating trade volatility and how Ireland continues to position itself as a destination for investment amid geopolitical shifts.
Key Discussion Points & Insights
1. The Rising Tariff Threats and Global Trade Uncertainty
[00:17–01:35]
- Recent tariff threats from the US are causing uncertainty at the World Economic Forum.
- Michael Loewen describes the last 48 hours as introducing "another level of uncertainty for global trade."
- He notes that global companies require clarity to plan investments and expand workforces, which is hampered by tariff volatility.
- Quote: “What they look for is they need global markets, they need global presence and global workforce…when you have…potential changes in terms of tariffs, that can be disruptive.” — Michael Loewen [00:51]
- FDI flows were already affected in early 2025, with decisions delayed due to uncertainty.
2. Corporate Frustration and Resilience
[01:35–02:37]
- Stephen queries whether US corporate frustration is mounting due to unpredictable policy changes.
- Loewen responds that while decision-making was delayed, companies are resilient and continue to find paths forward.
- Quote: “Companies found paths and…decisions have to be made in order to support innovation, in order to serve markets…resilience of the enterprise base will continue.” — Michael Loewen [01:47]
- He likens the current situation to déjà vu from April 2025, highlighting persistent complexity in the global environment.
3. Potential EU Retaliation and its Impact on Ireland
[02:37–03:47]
- Discussion shifts to the EU’s possible use of anti-coercion measures, which could restrict market access for US companies.
- Loewen contends this would be damaging not only for Ireland but for the global economy.
- Quote: “It would actually have an impact in both directions…We need to bring certainty to international trade because it is the lifeblood of all of our economies.” — Michael Loewen [02:55]
- Emphasizes the importance of honoring existing agreements and engaging in dialogue instead of escalation.
4. Ireland’s Position on the Anti-Coercion Tool
[03:47–04:27]
- Stephen asks whether Ireland should oppose the anti-coercion instrument.
- Loewen refrains from stating a position, deferring to the Irish government’s decision, but advocates for dialogue as the preferred approach.
- Quote: “It’s time for some reflection and dialogue...I think that should be a last resort.” — Michael Loewen [03:53]
5. Attracting Investment in an Uncertain Environment
[04:27–05:40]
- Stephen probes how Loewen engages potential investors amidst such uncertainty.
- Loewen responds that the fundamentals — global markets, innovation, decarbonization, future focus — remain unchanged for international companies.
- Quote: “The need for them to innovate and bring their R&D pipelines to fruition, that still is in play…Companies are future focused.” — Michael Loewen [04:41]
6. FDI Announcements and Sensitivity to US Political Climate
[05:40–07:20]
- Stephen asks if companies are keeping investments in Ireland quiet due to fear of US political repercussions.
- Loewen confirms that 2025 was a record year for FDI in Ireland, citing a 36% year-on-year increase and strong first-time investments, R&D focus, and workforce upskilling.
- Quote: “We had a 36% uplift year on year in 2025 across all territories…25% of our investments…were first time investments into Ireland.”— Michael Loewen [06:02]
- Quote: “Just last Friday, we had an announcement with Qualcomm actually expanding their operations in Ireland.” — Michael Loewen [06:50]
- While companies remain active in terms of investment announcements, they're "very conscious of the world in which we now reside."
7. Outlook for 2026
[07:20–07:55]
- Looking ahead, Loewen predicts continued hyper-competitiveness and challenges.
- Quote: “The pace of change, the pace of innovation is continuing and we’re going to have to continue to adapt and be agile…” — Michael Loewen [07:24]
Notable Quotes & Memorable Moments
- “What they look for is they need global markets, they need global presence and global workforce…when you have…potential changes in terms of tariffs, that can be disruptive.”
— Michael Loewen [00:51] - “It would actually have an impact in both directions…We need to bring certainty to international trade because it is the lifeblood of all of our economies.”
— Michael Loewen [02:55] - “It’s time for some reflection and dialogue...I think that should be a last resort.”
— Michael Loewen [03:53] - “The need for them to innovate and bring their R&D pipelines to fruition, that still is in play…Companies are future focused.”
— Michael Loewen [04:41] - “We had a 36% uplift year on year in 2025 across all territories…25% of our investments…were first time investments into Ireland.”
— Michael Loewen [06:02] - “The pace of change, the pace of innovation is continuing and we’re going to have to continue to adapt and be agile…”
— Michael Loewen [07:24]
Important Timestamps
- 00:17 — Introduction to tariff issues at Davos
- 00:51 — Michael Loewen on impact of tariffs on business certainty
- 01:47 — Loewen on corporate resilience amidst uncertainty
- 02:55 — Dangers of EU–US trade retaliation for global economy
- 03:53 — Ireland’s preference for dialogue over retaliation
- 04:41 — Ongoing fundamentals for FDI attraction in Ireland
- 06:02 — Record FDI numbers in Ireland despite global tensions
- 07:24 — Outlook: more competition and need for agility ahead
Summary Takeaways
- Trade tensions are adding complexity to international business, especially for markets like Ireland that rely heavily on FDI.
- While the geopolitical environment is uncertain, multinational companies remain focused on future growth, innovation, and workforce development.
- Ireland continues to see strong investment, with record growth and major announcements, even as companies remain discreet amid global volatility.
- Dialogue and honoring international agreements are seen as crucial by Loewen and are advocated as better alternatives to trade wars or tariffs.
- The tone throughout is pragmatic, focused on resilience and adaptation, with hope for stabilization via diplomatic engagement.