Olive oil industry "comforted" by 15% tariffs/ But Greek businesses worry about growing competition from other markets
A Greek olive oil industry official said an import tariff imposed by the US on European Union goods was a better deal than the initial plan of 30%.
The United States reached a framework trade deal with the European Union on Sunday, imposing a 15% import tariff on most EU goods and avoiding a larger trade war between the two allies that account for almost a third of global trade.
"It could have been worse... out of the 30% we could have had, 15% is better. It's something businesses can afford," said SEVITEL CEO Giorgos Mitrakos, whose association deals with olive oil factories and exporters. There are an estimated 750 such factories in Greece.
He believes that companies may be able to afford the 15% tax, based on current prices, but the 30% rate would have created difficulties. There are more concerns about the fact that competitors could benefit from a lower rate agreement. This would increase competition for Greek companies, Mitrakos said.
Greece, the fifth largest exporter of olive oil to the United States, ships about 8,000-10,000 tons there each year. The industry is gigantic in Greece, employing tens of thousands of people.
The European Union is the leading producer and exporter of olive oil, producing approximately 67% of the world's total and around 65% of global exports. The main destinations for EU olive oil are the United States, Brazil and Japan.
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