Taoiseach Micheál Martin has said that he hopes a trade deal between the European Union and the United States can be reached before the 1 August deadline set by US President Donald Trump.
The US administration has warned it will introduce tariffs of up to 30% on EU imports by that date.
The Taoiseach was speaking in Luxembourg on the first of a two-day visit to the country, during which he held a bilateral meeting with the country's Prime Minister Luc Frieden, and met with members of the Irish community living and working in the grand duchy.
"The hope is that we have a negotiated agreement before 1 August," said Mr Martin during a press conference at Luxembourg’s Senningen Castle.
"If we don’t have a negotiated agreement, then everybody is in a much different situation which would be very serious for the US, Europe and the world," he added.
Mr Martin said he did not want to "pre-empt the outcome of these negotiations" and that talks "could change again in the next seven days".
"We thought we had a deal two or three weeks ago and it didn’t materialise," he said.
"We’re at a similar juncture now in terms of negotiations."
EU states back €93bn countermeasures if US trade talks fail
The initiative would set 25% tariffs on most US imports to the bloc.
EU sources close to negotiations with the US have said a deal on a broad set of 15% tariffs is now looking more likely.
Both Mr Martin and Mr Frieden emphasised their support for free trade and open economies, and the importance of the single market.
"We should be very reluctant to accept asymmetric global tariffs," said Mr Friedman.
He said he hoped the EU could reach a deal with the US because "transatlantic trade is key for all economies".
Both leaders also discussed the situation in Ukraine and Gaza, and the potential for cooperation between Ireland and Luxembourg in the areas of defence and renewable energy.
During his visit, the Taoiseach will also meet with representatives of Irish businesses in Luxembourg and hear from Irish community representatives.
More than 2,500 Irish citizens live and work in Luxembourg, a community that has doubled in size during the past ten years, according to Ireland’s embassy to Luxembourg.
Tomorrow, the Taoiseach will hold a meeting with Nadia Calviño, President of the European Investment Bank (EIB).
They will discuss Ireland’s ongoing partnership with the bank and its role in supporting European competitiveness by investing in infrastructure projects.
Mr Martin described the EIB as a "valued partner" that finances approximately €1bn for water, housing and energy projects in Ireland each year.
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