Piraeus Chamber of Commerce: Concern Over Trump’s Tariffs on Greek Business Environment

The Piraeus Chamber of Commerce has expressed serious concern over the impact of U.S. President Donald Trump’s decision to impose new tariffs on European products, particularly affecting the Greek business landscape. This policy, aimed at reducing the U.S. trade deficit, directly and indirectly affects the European economy and Greek enterprises. The tariffs, targeting key sectors such as industry, agriculture, and consumer goods, are expected to negatively affect Greek exports to the American market. Specifically, Greek trade risks experiencing a decline in export activity as Greek products become more expensive and less competitive in the U.S., impacting major sectors like wine, olive oil, dairy, and other agricultural products. This development threatens Greece’s trade balance. Furthermore, this is likely just the beginning, as affected countries may retaliate, escalating the ongoing trade war. This could jeopardize growth while creating inflationary pressures in European economies. Greece, having faced prolonged crises, may now confront potential reductions in investments, tourist spending, disposable income, and employment. The Chamber emphasizes the need for the Ministry of Development, in collaboration with established market entities, to develop new export diversification strategies. Simultaneously, the Ministry of Finance must accelerate tax reduction measures to support businesses and absorb inflationary pressures in the Greek market. Ultimately, the Chamber stresses the importance of supporting the real economy amidst these evolving challenges.