How Trump duties influence Greece

Government targets the duties come in Trump as well as the impact on the Greek economy.

It is recalled that the US president announced the imposition of an additional 20% duties on all other goods imported by the European Union, in addition to those already imposed on the 25% automotive industry.

The Minister of Rural Development and Food Costas Tsiaras, in an interview with Action24, referring to the meeting of the Governmental Policy Council, scheduled for the Prime Minister at Maximus on Monday, said that our country’s policy would be examined there.

Mr Tsiaras also emphasized that the country would attempt to excel from the increase in tariffs in products that do not affect US agricultural production.

Characteristically, Mr Tsiaras referred to the three axes on which our country will move in order to limit the adverse effects on the exports of primary products to the US, which are expected to result from the duties announced by US President Donald Trump.

As Mr Tsiaras said, it is required:

• First, redefinition of EU policy in the primary sector. This option is imperative, as, as he pointed out, the EU is the largest exporter of agricultural products to the US.
• Secondly, for our country to attempt to exception from the measure of duties, unique products, which do not affect US agricultural production, such as edible olives, slice and more.
• Thirdly, the EU make decisions to support agricultural products produced by its Member States, as it is inconceivable to export European products and consumers to the countries of the Union to be forced to buy the same products from third countries at cheaper prices. In this case, the Minister noted, the Minister noted, to examine the financial support of EU products in order to be more accessible to European consumers.

In any case, as Mr. Tsiaras explained, referring to measures that the Spanish government intends to take, any measures taken from each European country is subject to the control and approval of the European Commission, much more due to the implementation of the common agricultural policy.

Trump duties: What Pierrakakis said

A few days before the Minister of National Economy Kyriakos Pierrakakis said that « as a country we are in favor of free trade. We believe that the World Trade War does not benefit anyone. And we hope that this chapter will last as little as possible. The effects cannot yet be reflected in their entirety, although they are given to be negative.

The Minister of National Economy Kyriakos Pierrakakis

« What we have seen is not a static image but a dynamic image. And it is a given that the economies of the whole globe will react in multiple ways and thus there will be not one but probably several rounds of escalation until the new economic balance is reflected. It is also a given that the Greek government is involved and will co -ordinate the single European reaction.

The Greek economy with a plan, responsibly will cope with international challenges.  » ‎

It is noted that the financial staff attempts the first paper exercises on the possible impact on our country, with interest focusing on the wounds that may open on the fronts of exports, tourism, investment, inflation and economic growth.

For his part, Minister of Development Takis Theodorikakos in an interview with RES -EIA commenting on how prepared Europe and Greece are to tackle the new situation after the Trump duties announced that the tectonic changes in our global economic economy.

The minister notes that the risk of recession and inflation is more visible than any other year after the great crisis of 2008, however, many will depend on how to respond to other major economies.

The Minister of Development Takis Theodorikakos

There is a domino effect that is difficult to accurately appreciate, as he says, while stressing that « it is certain that everyone is needed by everyone. »

Concerning Greece, the minister notes that « it has significant exports to the US, but this is not the decisive element. Our country will be more affected as a member of the EU, which is one of the main target of duties. « 

Mr Theodorikakos emphasizes that what Greece needs is a new, integrated productive model and, as he notes, is that the government is already doing.

The minister stresses that the country’s steady development course was not accidental, but the result of systematic work, determination and careful planning by the government, and points out that the orientation for the creation of all those conditions that will make Greece continue to grow and socially develop stable.

After all, according to a recent Eurobank report, Jan-Noe-24, the US gravity of all Greek exports in the 11th of Jan-NOE-24, was € 4.8% or EUR 2,194 billion at current prices. However, in addition to the direct, the impact on the Greek economy from possible US protectionism policies can also be indirect.

The indirect impacts may come from Greece’s trade links with the European Union of the 27 Member States, as about 20% of EU-27 exports are purchased by US agencies.

According to the latest European Statistical Service (Eurostat) freight data (Eurostat), the value of Greek exports to the US in the 11-month Jan-Noe-24 was € 2,194 billion, as mentioned above.

At the same time, the value of Greek imports from the US amounted to € 1,990 billion. As a result, the balance of goods between Greece and the US was surplus at € 203.5 million.

In the individual categories of goods, food and animals live lived the largest surplus (€ 521.6 million) and fossil fuels, lubricants, etc. The largest deficit (-399 million euros).

Source: OT