The Piraeus Chamber of Commerce and Industry (PCCI) expressed its strong concern about the consequences for international trade and, in particular, the Greek business environment after the decision of the President of the United States, Donald Trump, to impose new tariffs on European products.
As the Piraeus Chamber of Commerce pointed out, this policy, which aims to reduce the US trade deficit, has direct and indirect effects on the European economy and Greek businesses.
“Greek products are becoming more expensive and less competitive in the US”
“The new tariffs, imposed on key sectors, such as industry, agri-food and consumer goods, are expected to negatively affect Greek exports to the US market. In particular, the export activity of Greek trade is likely to be affected negatively. Greek products are becoming more expensive and less competitive in the US, mainly affecting the wine, olive oil, dairy and other agricultural products sectors, which also has an impact on the Greek trade balance,” the Chamber noted.
Escalation in the trade war
However, this “seems to be the first step: Our concern is further intensified, as there will probably be countermeasures from the countries affected, thus provoking an escalation in the trade war that has already begun. Thus, growth is at stake, while inflationary pressures are also created in the European economies. However, our country in particular, which has experienced repeated long-term crises, will be called upon to face possible reductions in investments, tourist consumer spending, disposable income and employment.”
The Piraeus Chamber of Commerce and Industry stressed the need for the Ministry of Development, in collaboration with the institutionalized market players, to develop new trade strategies for the diversification of Greek exports. Moreover, the Ministry of Finance must accelerate the reduction of tax rates, in order to support businesses and absorb inflationary pressures in the Greek market. Finally, the need to support the real economy in this new landscape was underlined.
