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Economy

US Again Exempts Olive Oil, Raft of Greek Products from Tariffs

February 19, 2020

Greek olive oil and related products and commodities as well as cheese, wines, and plum juice won’t be subject to American tariffs on European Union goods, the Greek Foreign Ministry said, the US exempting them again.

“Greece has repeatedly emphasized that its agri-food sector has been disproportionately affected, and that measures are needed to mitigate the negative impact and to formulate a positive trade agenda with the US in order to tone down the political confrontation on trade,” the ministry said.

The government also wants to lift the tariffs on peaches to benefit that industry which is a major source for the United States market but was hit with a duty by the US Department of Commerce decision in October, 2019.

Greek olives are by far the strongest export product of the olive sector to the U.S. in terms of value, reaching a revenue of more than €130 million ($143 million) in 2018, said Olive Oil Times, but olive oil brought back around €41 million ($45 million) to Greek exporters and covered only 3 percent of the American market as Greek producers were out-marketed by competitors from Spain and Italy, among others.

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