“The European Union is going to agree to purchase 750 billion dollars in energy products from the United States,” Trump said.

EU talks on counter-measures targeting U.S. services, tenders, and investments are intensifying as the August 1 deadline approaches.

The stakes are particularly high for Greek agricultural exports. For example, peaches are already subject to a 17% duty. If the new 30% tariff is added, the total duty would reach 47%, making the US market virtually inaccessible for this product category

The bank estimates that the effective tariff rate on Greek exports to the US would rise to roughly 20 – 23 percent

While Trump’s 30% tariff announcement introduces significant uncertainty, markets have so far responded with restraint. European and Greek investors appear hopeful that diplomacy will prevail, preventing a full-blown trade conflict

As tensions with the US persist, the EU appears to be preparing for all scenarios—while maintaining a clear preference for diplomacy

In 2024, the U.S. recorded a trade deficit of $236 billion with the EU—a 13% increase from the previous year

Trump revealed the decision in letters addressed to European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum.

President Trump signed an executive order earlier this week delaying implementation until August 1. This allows additional time for negotiations, though the administration has been clear: retaliatory actions from other countries will result in tariffs being doubled.

This latest round of letters comes just two days after Trump disclosed a similar notice sent to 14 other nations. These included Japan, South Korea, Malaysia, Kazakhstan, South Africa, Laos, Myanmar, Bosnia and Herzegovina, Tunisia, Indonesia, Bangladesh, Serbia, Cambodia, and Thailand

Greece has delivered the strongest stock market performance globally in 2025, with gains approaching 60%.

In May, the EU warned it could impose retaliatory tariffs on up to €95 billion worth of American imports, including vehicles and aircraft, should talks with the US administration fail

The potential for rate cuts has already impacted the U.S. dollar, which dipped 0.2% on Monday

European markets have taken center stage at recent investor conferences, with a steady pattern of inflows over the past 12 months, contrasting the outflows from the U.S

This opinion piece is part of To BHMA International Edition’s NextGen Corner, a platform for fresh voices on the defining issues of our time.

As tensions rise once more, global markets are left watching closely whether the two economic giants can salvage the truce or spiral further into trade conflict.

U.S. President Donald Trump announced Friday he would double tariffs on imported steel and aluminum to 50%, despite recent court rulings that put the kibosh on the authority he was using to implement global tariffs.