The imposition of 25% tariffs on aluminum and steel imports is turning the spotlight on bilateral trade between Greece and the US. Greece's total exports to the US for 2024 stand at €2.4 bn, and the Greece-US balance is once again in surplus as imports of US goods reached €2.16 bn. US tariffs on products exported by Greek companies mean a loss of competitiveness for Greek products due to price increases, hence a possible reduction in sales.

WHAT WILL EUROPE DO

On the other hand, given that Europe will respond to the tariffs—at least that is what European officials are already saying—imports are a concern for us because we are likely to see a wave of price increases on products imported from the US that will be subject to extra tariffs.

It is noted that yesterday, the European Commission, regarding the possibility of imposing US tariffs on European Union steel and aluminum, said that "at this stage, we have not received any formal notification regarding the imposition of additional duties on European Union products. We will not respond to general announcements without details or written clarification. The EU does not consider the imposition of duties on its exports to be justified. We will react in order to protect the interests of European businesses and European workers and consumers from unjustified measures." 

In general, however, he believes that "any tariffs would be illegal and economically counterproductive, given the deep integration of production chains that the EU and the US have established through transatlantic trade and investment. Tariffs are essentially taxes. By imposing tariffs, the US is taxing its own citizens, raising costs for business, and feeding inflation. Moreover, tariffs increase economic uncertainty and disrupt the efficiency and integration of global markets."

VIOHALCO SHIELDED

The Viohalco group has minimal exposure to the US, and its tonnage exports to the US do not surpass double digits. The issue, however, is the level of the duties, which needs to be finalized in order to have clear estimates of the impact. In any case, in the event of the imposition of duties and depending on their cost, there is the possibility for the company to turn to new markets.

CENERGY'S INVESTMENT PROCEEDS

As far as Cenergy's mega investment in Maryland is concerned, it is currently not affected by the tariffs, so there is no issue. 

TITAN AND METLEN

Regarding the Titan and Metlen groups, their executives advise maintaining calm for the time being to clarify the amount and duration of the duties. In any case, BnB Daily's sources say that in the previous period they had been running scenarios on how to deal with possible tariffs, so they are prepared for any eventuality. 

THE PICTURE ON THE BOARD 

In any case, the reaction of investors on the Athens Exchange board has been calm, and at first sight, any turbulence is expected to be mild and manageable, according to brokerages. At least, that's how it seems from the movements of investors in the HA.