President Donald Trump announced the imposition of tariffs, without exceptions, at a minimum of 10% on all imports to the U.S. starting from April 5, marking the day of his announcement (April 2) as the country’s “Independence Day.”
“For decades, our country has been looted, pillaged, raped, and plundered by nations near and far, both friend and foe alike.” He said before presenting the list of trading partners subject to “reciprocal” tariffs.
Tariffs are taxes imposed on products imported from other countries, typically calculated as a percentage of their value.
For example, a 20% tariff on a product worth $10 would result in an additional charge of $2.
The businesses importing the products are responsible for paying the tax to the government, but they can decide whether to pass on part or all of the cost to the customers.
Trump’s “reciprocal” tariffs target countries that already impose tariffs on U.S. imports.
The minimum rate is set at 10%, with this increasing significantly—up to very high levels—for countries the U.S. considers “hostile” in trade.
The impact will be massive for China, as its products face an additional 34% tariff, added to the existing 20% tariff, totaling 54%.
Countries like Cambodia, Vietnam, Malaysia, and Bangladesh will be affected much more, with tariffs reaching up to 50% in some cases. EU products are subject to a 20% tariff.
The U.S. is the largest importer of foreign goods in the world (valued at $3 trillion in 2023).
However, it also has the largest trade deficit, meaning imports exceed exports, which are valued at $1 trillion.
The White House clarified that certain categories will be exempt, such as gold bars, pharmaceuticals, microchips, copper, construction timber, and some metals not found in the U.S.
Tariffs are central to Trump’s economic policy, with him claiming they are his “favorite word.”
He argues that tariffs will encourage domestic consumers to buy more American-made products, thus boosting the economy and increasing tax revenues.
He aims to narrow the gap between the value of goods the U.S. imports and those it exports. For example, the U.S. had a trade deficit of $213 billion with the EU in 2024, which Trump describes as a “monstrosity.”
Economists expect tariffs to drive up prices on many imported goods (from avocados to fuel), as businesses will pass the cost onto consumers.
Businesses may also choose to import fewer foreign products, which could make domestic goods more expensive.
Democratic Senator Chuck Schumer predicted that tariffs will “cost the average American household over $6,000 per year.”
Furthermore, retaliatory tariffs from other countries will impact U.S. exports.
According to the National Bank, the direct impact on Greek exports is expected to be limited, as they make up only 4.8% of total exports in 2024.
However, the indirect effects could be more significant, as key trade partners (e.g., Italy, Germany) and the EU as a whole export many products to the U.S.
A positive for Greece is that tourism is not directly affected by the tariffs.
For 2024, Greece had a trade surplus of approximately €250 million with the U.S. (exports totaled €2.411 billion, while imports amounted to €2.143 billion).
Olives, cement, aluminum, feta, olive oil, and canned peaches are the products expected to be most impacted.
Greek businesses hope that some of these products may be exempt from the tariffs, as was the case during Trump’s first term (when olive oil and olives were exempted).
The U.S. is also the 5th largest market for Greek feta exports.
Russia is not on the tariff list, with officials explaining that “it is not a significant trading partner.”
However, the U.S. still conducts more trade with Russia (worth $3.5 billion in 2024, despite sanctions) than with countries like Mauritius or Brunei, which are on the list.
Even uninhabited islands near Antarctica, which are territories of Australia, are subject to Trump’s 10% tariffs and are listed by name.
Cuba, Belarus, and North Korea are not included on the list because existing tariffs are already very high.
