Greek prime minister challenges U.S. tariffs on olive exports
The Prime Minister of Greece, Kyriakos Mitsotakis, stated that the U.S. does not produce feta, olives, or olive oil, so imposing tariffs on these products doesn't make sense. He also declared that the Greek economy is ready for changes in trade with the U.S.
What do you need to know?
- Prime Minister of Greece Kyriakos Mitsotakis criticized the U.S.'s decision to impose tariffs on Greek products such as olives, olive oil, and feta, arguing that they are not produced domestically in the United States.
- The Greek economy is prepared for changes in trade with the U.S., and the Prime Minister emphasizes the need for a unified response from the European Union.
- Export of Greek food to the U.S. accounts for approximately 31% of total exports, with table olives valued at CAD 296 million.
Greek Prime Minister criticizes Trump
Prime Minister of Greece Kyriakos Mitsotakis, quoted by the ANA-MPA agency, expressed dissatisfaction with the U.S.'s decision to impose tariffs on Greek products. He emphasized that olives, olive oil, and feta are not produced in the United States, which makes these tariffs ineffective. "These products are not produced in the US, and therefore, it makes no sense to impose tariffs on them," stated the head of the Greek government.
Food constitutes about 31% of Greece's total exports to the U.S. It is estimated that the export of table olives alone is worth CAD 296 million.
The effects of tariffs will be felt across Europe
Governor of the Central Bank of Greece, Yannis Stournaras, in an interview with the "Financial Times," warned that tariffs could slow down economic growth in the eurozone by 0.5 to 1 percentage point. Prime Minister Mitsotakis stressed that the European Union's response to American tariffs needs to be well-considered to avoid a "spasmodic reaction."
On April 2nd, Trump announced 10% base tariffs on all imports to the U.S., with dozens of countries subjected to higher tariffs. In the case of the European Union, the U.S. imposed 25% import tariffs on steel, aluminum, and cars, as well as tariffs of 20% on nearly all other goods, noted Reuters.
In 2024, the value of goods imported from the U.S. to the EU reached CAD 475 billion, while exports from the EU to the U.S. amounted to CAD 754 billion. The United States remains the largest export market for the EU.
