The European Union has announced it is pausing the retaliatory measures against the United States for 90 days, following President Trump’s announcement on Wednesday that he is temporarily halting reciprocal tariffs.
“We want to give negotiations a chance,” European Commission President Ursula von der Leyen, wrote on X, without ruling out that the EU’s countermeasures could again kick in.
“If negotiations are not satisfactory, our countermeasures will kick in. Preparatory work on further countermeasures continues. As I have said before, all options remain on the table,” she wrote.
In an earlier post, von der Leyen welcomed Trump’s announcement to pause reciprocal tariffs, saying that “Clear, predictable conditions are essential for trade and supply chains to function.”
The EU on Wednesday backed its first countermeasures against steel and aluminum tariffs announced by Trump in March. Just after the EU agreed on its response, the US President announced the 90-day pause on the “reciprocal” tariffs he had placed on dozens of countries.
The 27-country bloc had been hit by three sets of US tariffs: 25 percent on steel and aluminum exports, 25 percent on car exports and 20 percent on all other goods.
Olof Gill, the EU Spokesperson, speaking at the commission’s press briefing after von der Leyen’s statement was put out, said the commission was not going to get into any greater detail at this time, noting that the focus will be on negotiations.
“We appreciate that you have brought this pause on so called reciprocal tariffs, and we, in turn, are now pausing our proposed countermeasures in order that we have the maximum space to consult with our member states, consult with our industry and negotiate with the US. We’re ready to make deals,” Gill said.
I welcome President Trump’s announcement to pause reciprocal tariffs. It’s an important step towards stabilizing the global economy.
Clear, predictable conditions are essential for trade and supply chains to function.
Tariffs are taxes that only hurt businesses and consumers.…
— Ursula von der Leyen (@vonderleyen) April 10, 2025
Impact of retaliatory tariffs on Greece, a European Union member, will be limited
Greek economists argue that while President Trump’s tariffs on the EU will affect Greece’s economy, the impact will be limited, as the country is not heavily dependent on exports to the US.
Greek products will become more expensive for American consumers, making them less competitive. Despite efforts by Greek companies and their US-based distributors to absorb part of the additional cost, the tariffs were expected to have an immediate impact.
Products expected to be hit hardest include olives, cement, aluminum, feta cheese, olive oil and canned peaches. While wine isn’t among Greece’s top 10 exports to the US—valued at around €20 million in 2024—it remains a promising market due to the high average price of Greek wines.
According to recent research published in the bulletin of the Eurobank Analysis and Research Group, in the first 11 months of 2024 the weight of the US on the total of Greek exports of goods was around 4.8 percent or 2.2 billion at current prices. In the same period, the value of Greek imports of goods from the US amounted to €2 billion. Therefore, the trade balance between Greece and the US was in surplus at €200 million.
Indirect effects may come from Greece’s trade ties with the European Union of 27 member states, as around 20 percent of EU-27 exports of goods are purchased by US entities.
The increase in tariffs on products imported by the US from the EU-27 could negatively affect a portion of Greek exports of goods to the US, Eurobank notes.
The research also points out that a part of Greek exports of goods to the EU-27 concerns intermediate goods used for the production of final goods that the EU-27 exports to the US (participation of the Greek economy in European value chains). This is an additional channel through which there may be impacts on Greek exports of goods.
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