US-EU Trade Deal Brings Limited Impact to Greek Exports

Speaking to Greece’s public broadcaster ERT, economist Giannis Tsoukalas acknowledged that while the deal could have been more favorable, it removes the uncertainty and fears surrounding a full-blown trade war between the two economic powers. Tsoukalas noted that Greece’s exports to the US make up a relatively small share of the total trade volume, so the direct consequences should remain modest.

Echoing this view, Vassilis Korkidis, president of the Piraeus Chamber of Commerce and Industry, described the tariff rate as “manageable” and “the lesser of two evils” compared to the possibility of escalating tariffs or trade restrictions.

Greek exports to the United States total approximately €2.6 billion annually, representing around 5% of Greece’s overall export volume. Key export sectors affected by the tariffs include:

Mineral fuels (€320 million)
Aluminum (€80 million)
Olives (€100 million)
Olive oil (€30 million)
Feta cheese (€27 million)
Wines (€10 million)
Notably, aluminum tariffs remain at 50% following US demands, a significant hurdle for this sector.

Overall, Greece appears cautiously optimistic that the deal will prevent a full-scale trade war and keep economic disruptions limited, while continuing to advocate for tariff reductions that better support its export-driven industries.