A working group has been established by Stormont Economy Minister Caoimhe Archibald to assess the implications of US tariffs and any countermeasures on Northern Ireland businesses.

Ms Archibald said the group will help shape the devolved powersharing Executive’s response to the impact of trade tariffs.

US President Donald Trump announced on Wednesday that he would delay huge tariffs on certain nations for 90 days.

The US had announced a 20% tariff for the EU, which would have applied to Ireland, and a 10% rate for Great Britain and Northern Ireland last week.

Hours after this came into effect on Wednesday, Mr Trump announced tariffs would be lowered to 10% on nations that had not retaliated, which included the EU.

As part of post-Brexit trading arrangements, Northern Ireland remains in the EU single market for goods and would be impacted by any EU retaliatory tariffs on goods imported from the US.

Ms Archibald said the new group would work with officials from her department, Invest NI and InterTradeIreland to provide “market intelligence”.

She said its work will include insights on emerging issues, case studies, sector-level information, views on wider economic impacts, and interventions required.

The minister said members had experience from across the main US-NI tradable goods sectors.

The purpose of this group is to provide regular updates on the developing trade situation and its impact on the north’s businesses

The group will be made up of Stuart Anderson from NI Chamber, Nichola Mallon from Logistics UK, Stephen Kelly of Manufacturing NI and Claire Sullivan from the CBI.

Ms Archibald said: “The introduction of tariffs by the US administration has created much uncertainty and concern for businesses, workers and their families.

“Indeed the potential impact on exports from our main sectors is considerable.

“The purpose of this group is to provide regular updates on the developing trade situation and its impact on the north’s businesses and to shape our response and the interventions required at different levels of government.

“In addition to the engagement I have had with the British and Irish governments, this week I met with a wide range of business, industry and union representatives on the US tariffs.

“As feedback is received from the working group and the situation evolves, this engagement will continue.”

Participation in the working group is on a voluntary basis and will not be remunerated.