The U.S. administration’s abrupt decision to impose a blanket 30% tariff on all European Union exports is expected to upend transatlantic trade, with certain Greek companies already sounding the alarm.
While Greece’s overall exposure to the U.S. market is limited—exports to the U.S. totaled €2.4 billion in 2024, or just 4.8% of total Greek exports—the new tariffs are poised to significantly affect food producers that rely heavily on American consumers.
Until recently, EU stakeholders had been preparing for a more moderate 10% tariff. However, President Donald Trump’s surprise announcement raised the rate to 30%, starting August 1st. The move sparked concern across the bloc and revived talk of countermeasures, which the EU had previously set aside to keep negotiations alive. Brussels has warned that if no agreement is reached, a robust response will follow.
For Greece, the sectors most at risk are food exports and some manufacturing products. In 2024, Greek food and live animal exports to the U.S. totaled €633.6 million. Notable products included edible olives (€212 million), fresh produce (over €200 million), olive oil (€77 million), and dairy products such as feta and yogurt (€75 million). These goods now face a steep price hike in the American market, which could hurt competitiveness and market share.
By contrast, exports of mineral fuels (€551 million) and industrial goods like machinery (€328.9 million) are less likely to be disrupted, either due to lower exposure or greater flexibility in redirecting to other markets.
Among the companies expected to take a hit is ElvalHalcor, part of the Viohalco Group, which generates roughly 11% of its revenue from U.S. sales. While it does not operate in the food sector, the company’s manufactured metal products could also be caught in the tariff crossfire.
Perhaps more concerning is the risk of losing ground to third-country competitors. Nations like Turkey and Tunisia, which are major suppliers of olive oil and table olives to the U.S., could see their products become significantly cheaper than those from Greece if they are not subject to similar tariffs. This could permanently shift consumer preferences and shelf space in U.S. supermarkets away from EU-origin goods.
Although services like tourism and shipping—major contributors to the Greek economy—remain unaffected by the tariffs, the impact on goods trade could still be substantial for specific sectors. As the August 1st deadline approaches, Greek exporters and policymakers are anxiously watching both Washington and Brussels for signs of a breakthrough—or a trade war.
Source: pagenews.gr