Taoiseach hopes EU-US trade deal will be agreed this weekend

Taoiseach Micheál Martin has expressed hope that a trade deal between the EU and the US will be agreed in the coming days.

Speaking in Luxembourg, the Fianna Fáil leader said he hoped a framework trade agreement between the two territories could be "signed off before the weekend is over."

Martin also said he would "welcome an end to the uncertainty" around the trade dispute between the bloc and the US.

US President Donald Trump has threatened a 30 per cent tariff on EU goods from August 1 without a trade deal, and the EU has prepared reciprocal tariffs on American goods.

"The agreement will be a headline framework agreement," said Martin, adding that there will be detailed discussions afterwards in respect of specific products.

"I know there are intensive discussions ongoing, and the reason for the intensity of those negotiations is to try to tie up as much as we can, and get certainty around the sectoral tariffs.

"The European Union is not anxious for a retaliatory scenario, is not anxious to engage in a trade conflict with the United States."

Meanwhile, the European Investment Bank (EIB), the lending arm of the EU, has agreed to provide a €300m loan for water infrastructure projects in Ireland.

The loan was announced following a meeting between the Taoiseach and Nadia Calviño, president of the EIB, this morning.

Attending a signing ceremony, Martin said the EIB was a "key partner for transformational investment across Ireland."

He said the loan would help Uisce Éireann to upgrade vital infrastructure and that it would align with the revised National Development Plan, announced earlier this week.

The loan is also intended for investment in stormwater drainage facilities.

Chris McCarthy, the chief financial officer of Uisce Éireann, said the investment will accelerate the development of Ireland's critical water services infrastructure.

In recent years, the EIB has provided approximately €1bn annually for public and private investment in water, housing and energy projects in Ireland.

*This article was originally published on BusinessPlus.ie.