Greek exporters have reacted with measured relief to a new U.S. tariff decision that replaces a cumulative duty on European goods with a flat 10% rate, reducing the cost burden on most Greek products entering the American market.
Effective July 23, goods of European Union origin are subject to a uniform 10 percent tariff, provided the standard Most Favored Nation rate is not already higher. Under the previous arrangement, Greek exports faced a 10 percent surcharge on top of the existing MFN duty, raising the total cost of entry into the U.S. market and eroding their competitiveness.
“The new U.S. decision is a cautiously positive development for Greek exports, as it replaces the previous regime of 10% on top of the MFN tariff with a single 10 percent duty for most products of European origin, improving predictability for our businesses,” said Alkiviadis Kalabokis, president of the Panhellenic Exporters Association.
The Greek Embassy in Washington also characterized the development as broadly positive, saying the de-escalation gives businesses a clearer picture of costs and eases some of the pressure generated by the previous regime.
The new framework stems from a U.S. Trade Representative investigation launched in March under Section 301 of U.S. trade law, covering 60 economies and resulting in a revised global tariff structure with immediate effect.
Certain exemptions reinstated for the EU include cork and precious stones, as well as critical or unavailable imported goods such as energy, critical minerals, agri-food products, some pharmaceutical ingredients, and aircraft.
