Greece has reportedly established a working group to analyze the US-EU tariffs agreement and identify opportunities for preferential treatment for Greek products.
The goal of the group set up at the Greek Ministry of National Economy and Finance is to secure exemptions for key exports, many of which are vital to the country’s economy and cultural heritage.
Following the recent EU-US trade deal, a new 15% tariff on most European products—and a 50% tariff on steel and aluminum—has sparked concern among Greek exporters. While the agreement averted a full-scale trade war, it has shifted the focus to the “loopholes” and exceptions that could be negotiated for critical Greek products.
Industry leaders are voicing strong concerns. Spyros Theodoropoulos, president of the Hellenic Federation of Enterprises (SEV), highlighted “many unanswered questions” and criticized the European Union’s “fearful stance” in the negotiations, calling the deal unbalanced and clearly favoring the US. He noted that while some companies might manage the burden in the short term, the tariffs could halt the momentum Greek exports have built in the US market, which is a major trendsetter for products like Greek yogurt, he told Oikonomikos Taxydromos.
Alkiviadis Kalabokis, president of the Panhellenic Exporters Association (PSE), echoed these concerns, focusing on the agri-food sector. He pointed out, speaking to the Vima newspaper, that products such as olive oil, olives, PDO cheeses, and wines—which accounted for 31% of Greek exports to the US last year—are more than just commodities; they are “carriers of Greek cultural heritage.”
Kalabokis fears that the new tariffs, combined with the recent fall of the US dollar against the euro, will make these products too expensive for American consumers.
Greece has strong arguments for exemptions from US tariffs
He, along with Christos Apostolopoulos, president of the Association of Greek Dairy Industries, is urging national and European-level initiatives to exempt these products.
Apostolopoulos believes Greece has strong arguments for exemptions, as its products do not threaten the US’s domestic economy. He suggests a flexible negotiation strategy to complement the bilateral talks between the US and the EU.
This isn’t the first time Greek exports have faced such a challenge. In 2019, during a previous tariff dispute, Greek olives, olive oil, and feta were exempted from a 25% tariff. This was a critical win, as evidenced by the growth of standardized Greek olive oil exports to the US from 4,000 tons to 17,000 tons over the last 15 years.
The new tariffs now threaten to undercut this progress, giving an advantage to competitors from countries like Tunisia and Turkey, which are not subject to the same tariffs.
The concern about a slowdown in growth rates is not without foundation. According to Apostolopoulos, a 10% tariff imposed last spring as an interim measure has already led to a decline in orders.
“The increase in feta exports was limited to just 2%, when for the entire previous period it was running in double digits!” he stated, a number that he believes should be an “alarm bell” for Brussels and Athens.
Apostolopoulos also highlighted the long-term risk of producers turning to new markets and abandoning their established presence in the world’s largest market, a scenario that would deal a serious blow to the brand and its future growth.
Related: Greece Among Most Exposed Emerging European Economies to US Tariffs
