Pierrakakis: We are worried about the secondary impact of duties – we want Win Win with US

Government’s concern about the secondary impact of the duties of USA In European products, the Minister of Finance said, Kyriakos Pierrakakisduring his speech to the House on the Capital Market Bill and the out -of -court mechanism.

Kyriakos Pierrakakis pointed out that the immediate consequences of duties would be limited to our economy, because Greek exports to the US are below 5% of the total, at € 2.4 billion. They relate to olive oil, olives, agricultural products as a whole, aluminum, cement, petroleum, a total of 1% of GDP.

However, the minister stressed that what is concerned and concerned is particularly concerned about the government are the secondary impacts that can result from such a change in the global political economy and international economic relations.

The Minister codified these consequences on 3 levels:

• The 1st level concerns international uncertainty as it affects investment and possibly shifts a one -day investment decision from today to tomorrow when there is greater stability in the international economic environment.
• The 2nd level has to do with the possibility of a recession, both in the United States and in European markets, such as the German, which will obviously affect Greece.
• And the 3rd level has to do with the European response or even the total of the rounds that will exist in this debate – negotiation in relation to tariffs, as European duties are also de facto affecting Greece. There was a first package of such duties announced yesterday, for € 22.1 billion as a total volume of US transactions in Europe from a total of 334. That is, about 6.5%of total imports of US products.

For his part, Mr. Pierrakakis pointed out that as a country one should be extremely careful in relation to the use of this tool. Greece, he said, supports free trade, and wants what the Prime Minister said yesterday, a win – win solution with the United States.