Filenews 23 July 2025 - Charalambos Zakos
The trade war declared by the US President, Donald Trump, does not only affect the rest of the world, but also Cyprus, since the retaliation that the European Union intends to impose - in case the American President puts into practice his threats and does not sign a trade agreement with the EU - inevitably affects Cypriot businessmen who import products from the United States of America and consequently consumers.
For this reason, the Federation of Employers and Industrialists (OEB) has sent an update to its members, along with the relevant list of American products that are "candidates" for additional tariffs, asking for the comments and suggestions of entrepreneurs and companies. In order to inform the Ministry of Commerce and this in turn the European Commission.
As the Federation of Employers and Industrialists underlines in its letter, the contribution of businesses will be decisive for the formulation of the positions of the Republic of Cyprus in view of the discussions at the European Union level.
It should be noted that the submission of comments should take place no later than Friday, July 25, 2025 at 11:00 a.m.
The CC will ask for exceptions
Already, a number of member states have asked the European Commission to exclude some American products from the European Union's tariff list, so that there is no American retaliation for their "sensitive" products exported to the American market.
For example, France and Italy have filed a request like American whiskey - in particular bourbon - not to be included in European retaliation decisions. For fear that the U.S. authorities will impose additional retaliatory tariffs on alcoholic beverages of the two countries, especially on their wines. Or olive oil and dairy products.
It is for this reason that the Ministry of Commerce has asked business organizations to send their comments and suggestions, so that the Republic of Cyprus can prepare a relevant list that will be submitted to the Commission for exemptions for specific American products imported into Cyprus.
It is worth noting that imports of products to Cyprus from the United States of America in 2024 reached €246 million.
Who is on Europe's list
According to the European Commission's preliminary list, the value of American goods that will be affected by the European Union's tariffs to the US reaches €72 billion, based on 2024 data.
Key product categories include aircraft, automobiles and auto parts, machinery, chemicals and plastics, medical devices and equipment, electrical equipment, as well as other industrial and agricultural products.
It is worth noting that military products imported into the EU will not be subject to tariffs...
On the other hand, the same list also includes exports of European Union products to the United States, worth €94.4 million, of which €63.8 million concern exports of waste and iron scrap and €30.6 million exports of waste and aluminium scraps.
As noted in this document, this information is provided to member states in the context of the preparation for the official start of the process of adopting countermeasures by the European Union against the United States, inviting EU countries to submit their views and subsequently to draw up the final list of products.
What it imports – what it exports
Based on data from the Statistical Service, in 2024 Cyprus imported products from the United States of America worth more than €247million.
The largest products in value were aircraft, ethanol, liquefied butane (LPG), cosmetics, industrial fuels, nuts, paintings, antiques and medical supplies and devices.
Cyprus exports about 123 products to the United States of America, worth €23 million, while at the same time it re-exports products that exceed €27 million.
The largest share of exports is occupied by halloumi, with a value of more than €6.4 million. This is followed by electrical products with €3 million and Olive Oil, extra virgin olive oil. It should be noted that Cyprus' re-exports mainly concern – again – electrical products, such as resistors.
