There is no winner in tariff war: Greek business leader

The United States' new tariff policy will hurt the export of Greece and other European countries, and ultimately the U.S. itself, with no winner in this global trade conflict, said a Greek business leader.

U.S. President Donald Trump announced a new set of levies on Wednesday, imposing a 10 percent baseline tariff on imports from all trading partners and higher rates on certain ones.

Alkiviadis Kalampokis, president of the Panhellenic Exporters Association (PEA), the main export organization in Greece, warned that the 20 percent tariff imposed by the United States on EU countries will severely impact Greek agricultural exports.

Kalampokis pointed out that the United States had initially set a 17-percent tariff on Greek peaches, but under the new tariff, this rate will rise to 37 percent.

"Agricultural products account for 32 percent of our total exports, with olives being the most affected, worth 214 million euros (234 million U.S. dollars), as the United States is the largest export market for Greek olives. Other products affected include dairy, peaches, wine, and honey," he said.

Greece will face not only the direct impact of the U.S. tariff hikes but also the indirect effects stemming from the tariff impact on other EU countries, according to Kalampokis.

"For instance, the 25-percent tariff imposed to Germany's auto industry will bring collateral damage. If Europe falls into an economic recession, Greek exports will also be impacted, as seven of Greece's top 10 export destinations are EU countries," the business leader said.

For Greek exporters, the sharp increase in tariffs will not bring manufacturing back to the United States or create more jobs, as claimed by the Trump administration. Instead, it will lead to a lose-lose situation for both the U.S. and its trade partners, Kalampokis pointed out.

"A trade war is like a real war, and there is no winner. The so-called 'winners' will actually face losses. This tariff dispute will harm all parties involved," the PEA president said.

There is no winner in tariff war: Greek business leader

There is no winner in tariff war: Greek business leader

China's General Administration of Customs (GAC) on Wednesday issued details on the implementation of an additional 84 percent tariff on imported U.S. products following U.S. tariff hikes.

The GAC posted an announcement on its website on Wednesday stating that, according to an earlier announcement from the Customs Tariff Commission of the State Council, China will raise the additional tariff on products imported from the U.S. to 84 percent, effective from 12:01 on April 10 (Thursday).

Goods that are exported from the place of origin before 12:01 on April 10 and imported to China between 12:01 on April 10 and 24:00 on May 13 will be considered as "in-transit goods” and will not be subject to the additional tariff.

According to the GAC announcement, from 12:01 on April 10 all goods declared for import originating from the U.S. will be subject to the additional tariff. This will be based on the current taxation method and applicable tariff rates consisting of the sum of the current most-favored-nation tariff rate or provisional tariff rate and the already implemented additional tariff rate.

For "in-transit goods," importers can apply for exemption from the additional tariff but are required to verify the transportation status of U.S.-origin goods, and confirm that the transportation vehicle carrying the goods departed from the place of origin before 12:01 on April 10, and that the relevant goods are declared for import before 24:00 on May 13.

For "in-transit goods" seeking exemption from the additional tariff, the import declaration should be made after the transportation vehicle carrying the goods enters China.

China releases details of implementation of additional tariffs on US goods