DUBLIN, Ireland: Ireland's pharmaceutical industry has avoided being caught in the crosshairs of U.S. trade tariffs—for now—offering a temporary sigh of relief to one of the country's most critical export sectors.

The White House confirmed that pharmaceuticals and semiconductors would be exempt from the sweeping tariff plan announced on Wednesday by President Donald Trump, which includes a 10 percent baseline duty on all imports and a 20 percent rate on goods from the European Union.

Further information published by the White House after President Trump's address suggests some goods – including pharmaceuticals and semiconductors – "will not be subject to the reciprocal tariff".

While the exemption spares the industry in the short term, concerns remain that pharmaceuticals could still be targeted in future tariff expansions as the administration pushes for reshoring U.S. manufacturing.

The U.S. accounts for roughly one-third of Ireland's total exports. Of the 72.6 billion euros in Irish exports to the U.S. last year, an estimated 58 billion euros came from pharmaceutical and chemical goods.

"This is, without question, the most serious issue to face the Irish economy in a long time," Taoiseach Micheal Martin told the Dail earlier this week. He said the Government would work with EU partners to determine next steps. "Any action should be proportionate, aimed at defending the interests of our businesses, workers, and citizens. Now is a time for dialogue, and I believe that a negotiated way forward is the only sensible one."

President Trump, however, doubled down on criticism of Ireland's tax regime.

"All of a sudden, Ireland has our pharmaceutical companies, this beautiful island of five million people has got the entire U.S. pharmaceutical industry in its grasp," he said during a recent meeting with Martin in Washington. "We're going to take back our wealth and take back a lot of the companies that left."

Commerce Secretary Howard Lutnick has echoed similar sentiments, calling Ireland his favorite "tax scam" and accusing it of siphoning U.S. intellectual property.

For now, Irish officials are closely reviewing the fine print of the White House's exemptions, knowing that a future reversal could deal a significant blow to a sector that employs 45,000 people and underpins much of Ireland's economic relationship with the U.S.