Greece aims to shield key exports from US tariffs amid EU trade talks
The Greek government is closely following the finalisation of a new EU-US trade agreement on tariffs, while working to ensure that emblematic Greek products such as olive oil, feta, yoghurt, wine, and olives are exempt from any new duties, officials said on Monday.
The agreement, aimed at avoiding a transatlantic trade war, is expected to introduce tariffs on a range of European exports. Greece is lobbying within the EU framework to protect its Protected Designation of Origin (PDO) products from being included, while also exploring alternative export markets, including India and countries in the Middle East.
Each EU member state is expected to advocate for its own interests during the negotiations in Brussels. Greek officials have made it clear they will not rely solely on the EU-wide outcome, opting instead for proactive engagement to safeguard national economic interests.
Minister: Even reduced tariffs are “Burdensome”
Speaking earlier this week, National Economy and Finance Minister Kyriakos Pierrakakis stressed the importance of the agreement in preserving EU-US ties, but warned that even a reduced tariff rate of 15% could still negatively affect Greek exporters.
“This agreement prevents a trade war with chain reactions and safeguards transatlantic unity,” Pierrakakis said. “However, Greece would prefer a lower rate of tariffs—ideally zero—because 15% may be lower than the initial plan, but it remains burdensome.”
The minister also highlighted structural issues within the EU, referring to internal trade barriers that he described as “intra-European tariffs.” According to Pierrakakis, these hidden barriers can amount to 45% in manufacturing and up to 110% in services, undermining the concept of a truly unified European market. “These are obstacles that must be dismantled,” he stated.
Parliament study: Tariffs could hit key export sectors
A new study released by the Hellenic Parliament’s Budget Office examined the potential impact of the US tariffs on Greek exports, analysing 20 key sectors that accounted for nearly 76% of all exports to the United States in 2024.
The study presented the average annual value of Greek exports to the US over the period 2000–2024, by sector (in millions of euros):
Fossil fuels: €320M
Olives: €100M
Aluminium: €80M
Steel products: €74M
Electrical appliances: €71.8M
Cement & plumbing products: €65M
Prepared vegetables & fruit (excl. olives): €60M
Aviation: €57.5M
Machinery: €28.3M
Feta cheese: €27M
Materials: €23M
Fishery products: €18.4M
Fruit: €14M
Olive oil: €30M
Wines: €10M
Steel: €7M
Oily nuts: €2M
Pharmaceuticals: €2M
Vegetables & beverages: €1M each
The report emphasised that export-heavy sectors most exposed to adverse trade developments should receive targeted support. It proposed redirecting exports to new global markets, despite the increased cost, while recommending temporary relief measures for affected businesses.
Suggested measures included reductions in non-wage labour costs and energy expenses, support for workforce retention and business continuity, and investment in upskilling programmes for workers in export sectors.
