x

Editorial

The Effect of Trump’s Tariffs on Greece

October 11, 2019

President Donald Trump’s tariffs on China and other countries in Asia have received much press over the past few months. But these countries are not the only ones that will be affected. Soon, some of our most beloved Greek items are going to get significantly more expensive.

It goes without saying that the enormous economies of countries such as China have the ability to affect world markets – thus monopolizing most of the media coverage with regard to tariffs. But what about the smaller European economies (i.e., Greece) that will suffer because of the President’s proposed tariffs?

The United States government approved new tariffs on dozens of imported products from Europe in response to the accusation that the European Union has been (illegally) subsidizing the aircraft manufacturer Airbus – thereby damaging U.S.-based companies like Boeing. The World Trade Organization agreed with this reasoning and decided to allow President Trump to impose additional tariffs on European exports – worth about €7 billion – which directly damage Greek exports to the United States.

The new tariffs are set to take effect on October 18, 2019, and will affect a wide range of Greek products – including, but not limited to: dairy, seafood and agricultural products.

More specifically, the Greek products affected (a total of 92) will include: yogurt (yes, THE inimitable Greek yogurt), cheese (yes, that includes feta), butter, oranges, lemons, cherries, pears, compotes, fruit and vegetable juices, desserts, and mussels.

These Greek products will be hit with a 25% additional tariff.

Surprisingly, Greek producers of canned peaches will also suffer from the tariffs, dealing a blow to growers who had been counting on boosting shipments to the United States because of its (original) trade dispute with China. Although China remains the largest U.S. source of canned fruit, canned peaches from Greece make up between 15-20% of total U.S. canned peach imports. With the U.S. imports of canned fruit from Greece now subject to a 25% tariff – just like China – Greece may have lost its incentive to expand shipments to the U.S. market.

Thankfully, unlike Spanish olive oils, as well as table olives from France and Spain, Greek olive oil and Greek olives (and their sister products from Italy) will not be facing tariffs and thus will not be subject to additional U.S. duties.

At a time when Greece’s economy was finally starting to show some progress – especially for smaller-scale Greek producers – these tariffs may be paralyzing. Not only that, but what will happen to our local businesses that sell these imported products? How will Greek product shops throughout the United States survive when their profits are already slim and there’s not much they can do to change up their products without increasing their prices by (at least) 25%?

And as for the Greek-American consumer, where is s/he going to find a decent American substitute for his/her beloved feta?

RELATED

If we judge everything by its results – as is right – then the Vespers Service for the Feast Day of St.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

Mitsotakis: Today’s Bill Comes to Define a New Field in Which Everyone Should Move

ATHENS - At the end of August 2022, I announced a legislative initative for the upgrading and modernisation of the protection, the operation of the security agencies and the operation of the communications and after the change in National Intelligence Service's (EYP) leadership and the establishment of double check to the legal intrusions," stated Prime Minister Kyriakos Mitsotakis addressing the parliament on Thursday during the debate on Justice Minstry's bill on the lifting of the communications confidentiality, cybersecurity and protection of the citizens' personal data.

MOSCOW — A representative of one the the organizations sharing this year's Nobel Peace Prize said Friday that she thinks Russian President Vladimir Putin must face an international tribunal for the fighting in Ukraine.

ATHENS – The biggest worry for Greeks isn't spyware or fears Turkey will invade – it's the cost of food that soaring inflation made so expensive they've turned to cheaper brands or gone without, surveys have found.

ADELAIDE — Travis Head and Marnus Labuschagne posted big hundreds in a 297-run partnership to set Australia on course for a declaration in the second cricket test Friday before Michael Neser took two wickets under lights to consolidate the home team’s dominance in the day-night match against West Indies.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.