Chumbawamba was a one-hit-wonder from the mid-nineties. On mature reflection, that one hit, Tubthumping, was awful. It did, however, provide a memorable chorus – “I get knocked down, but I get up again” – and a clumsy metaphor for Irish economic resilience.  Last quarter I wrote that every man, woman and child with a dog in the Irish economic race was concerned about our corporation tax concentration risk.  As the tariff dust settles, it appears that Trump’s tubthumping was merely noise and posturing. It is practically impossible, it turns out, to uproot big pharma and ship it back to America…

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