Greece is anticipating the finalization of the EU-US tariff agreement, which will impact its signature products, while exploring alternative markets like India and the Middle East.
The government aims to secure exemptions for Protected Designation of Origin (PDO) products, including olive oil, feta cheese, yogurt, wine, and olives, through bilateral talks at the European level. Greek officials emphasized that each EU country will advocate for its own products in Brussels, while also pursuing independent strategies.
Finance Minister Kyriakos Pierrakakis described the EU-US agreement as a step to avoid a trade war and maintain transatlantic unity but noted that the proposed 15% tariff rate remains burdensome. He advocated for a lower or zero tariff rate and highlighted intra-European market barriers, equivalent to 45% in manufacturing and 110% in services, which he urged must be addressed.
A special study by the Greek Parliament’s Budget Office analyzed the impact of US tariffs on 20 export sectors, accounting for 76% of Greece’s exports to the US in 2024. Key sectors and their average annual export values (2000-2024) include:
- Olives: €100M
- Olive oil: €30M
- Feta cheese: €27M
- Fossil fuels: €320M
- Cement & plumbing products: €65M
- Aluminum: €80M
- Steel-crafted products: €74M
- Electric appliances: €71.8M
- Aviation: €57.5M
The Budget Office recommended supporting vulnerable sectors, redirecting exports to new global markets, and implementing relief measures like reducing non-payroll or energy costs to ensure business continuity and enhance workforce skills.
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