Trump Tariffs: Up to €3 Billion Cost for Greece

Tariffs imposed by Donald Trump are expected to cost Greece up to €3 billion by the end of 2027. The effects are mainly related to exports to the US market, which may decrease by 2.5% this year.

According to sources familiar with the Commission's negotiations with the US, the direct and indirect impact on the Greek economy is estimated to be between 0.5% and 1% of GDP in 2025, i.e. approximately €1-2.1 billion. In 2026, growth is expected to be affected by 0.2-0.4%, while in 2027 the impact will be minimal, between 0.05% and 0.1%.

The reduction in exports is estimated at €1.4 billion in 2026, a percentage that corresponds to approximately 2.5% of annual exports. Exportable products that will be affected are: pharmaceuticals, food and beverages, industrial materials, technological equipment. In particular, olives, olive oil, feta cheese, and peach compotes are foods with high exposure to the USA.

The volume of bilateral trade between Greece and the USA increased in 2024 by 26.3% compared to 2023, reaching €4.57 billion.