Greece is among the European countries most exposed to US President Donald Trump’s proposed 30% tariffs on imports, set to take effect August 1, according to a new UBS report released on July 15.
The report highlights that 60-75% of Greece’s exports to the US – including key sectors like chemicals, pharmaceuticals, agricultural goods, and processed foods – would be affected.
This places Greece in the second-most impacted group of countries, alongside Hungary and the UAE.
UBS estimates the tariffs could reduce Greece’s GDP by 0.15 percentage points in 2026, with a more moderate impact of 0.1% expected in 2025.
The US is not one of Greece’s top trade partners overall, but it is a major market for high-value goods such as olive oil and canned peaches; sectors that are particularly vulnerable.
Greece is the world’s largest exporter of tinned peaches, with about 20% destined for the US.
These products already face a 17% import duty, which could jump to 47% under the new tariffs. With the harvest underway, producers say the timing could not be worse.
“Now is even worse because it finds us at the peak, where the entire plant and all the production lines are working at full speed,” said Lazaros Ioannidis, co-owner of a peach processing facility near Naoussa that exports 40% of its output to US companies like Dole.
Kostas Apostolou, head of the Greek Canners Association, warned that the livelihoods of over 20,000 families in Central Macedonia depend on peach production.
“Our size might be small as a percentage for the country or the EU but for the region, it’s a big source of income, vital for its survival.”
As an EU member, Greece lacks the authority to negotiate its own exemptions. Apostolou urged the EU to prioritise new trade deals with markets like Mercosur, Mexico, and India.
Despite the uncertainty, some farmers remain hopeful. “Trump is unpredictable. We hope that he will prove that and he will change this decision,” said peach grower Vangelis Karaindros.
UBS forecasts Greece’s GDP will grow by 2.6% in 2025 and 2.3% in 2026, but notes growth could slow further if trade headwinds persist.
