Facing a new 30% U.S. tariff set to begin Aug. 1, Greek olive oil producers are urgently seeking new markets in places like Brazil and Australia to mitigate the impact on their businesses.
The tariffs, announced by the administration of President Mr. Donald Trump, target a range of European products and threaten to severely impact one of Greece's most important agricultural exports.
“Trump’s tariff threats have taught us the importance of not relying on a single market,” Greek producer Konstantinos Papadopoulos told Reuters. His business has already secured a deal to ship 15,000 bottles of olive oil to Brazil.
Analysts estimate that sales of Greek olive oil to the U.S., currently its fifth-largest market, could drop by 40% this year due to the new import duties.
The move has prompted Greek exporters to accelerate efforts to find new customers and reduce their dependence on the American market.