The duties imposed a few days ago by the US President, Mr. Donald Trump, employed the debate entitled: “Duties, Inflation and Unrest: The World Economy and the Tests it Has Ahead” that took place as part of the 10th Economic Forum of Delphi, at 9am. The panel coordinator was Mr. Konstantinos Davlos, a SKAI journalist.

“What’s on Donald Trump’s mind?” The Chairman of the Board of Directors wondered of the National Bank of Greece, Mr. Gikas Chardouvelis. “He wants to bring back industrial positions to the US,” he replied and continued “we will be affected with certainty. It is the uncertainty that will do the most damage. The Minister (Finance) said earlier that “we do not expect a particularly major impact”. Greek exports to the US account for 1% of GDP. But if the eurozone is affected, it can hit us the second wave, “he said.

Regarding the question of whether the European Union has to respond to US duties with countermeasures, he noted that “we should not ask for countermeasures, but make the Union really work. Let’s look at the Draghi exhibition and Leta’s report, “he said.

Whether the US “will be able to regain their hegemonic position?”, Mr Chardouvelis replied “probably not. What Trump is doing is significantly hurting the world and his country loses its mild power. “

Mr. George ZaniasChairman of the Eurobank Board of Directors, answering a question about possible stagnation, he noted that there will be stagnation in the US. “It will depend on whether the dollar will rise or fall and depends on the retaliation of other countries. The whole tangle has not yet been unfolded. If Europe avoids retaliation, the probability is less for stagnation. I would say no retaliation but to make Europe, “he said.

Speaking about the impact of duties on the dollar to date, he noted that although everyone would expect to be reinforced, it is weakening. “Why is the dollar losing? I heard the former US finance minister who said the US is like a pop -up economy with weak institutions. There is a great deal of insecurity about the exchange rate and can lead to deterioration of the dollar position, “he said.

Optimistic about the European Union’s ability to handle duties, Ms said. Charlotte ruheDirector General for Central and Southeast Europe in EBRD.

“I don’t think globalization has stopped just so. Retreats. But we see that Europe is self -sufficient on several fronts. Trump pulls things to the extremes. We see Liz Trars’s failed policy and an economic policy that even rejected her own budget office. Globalization has gone through its picnic and there are reasons for it. Pieces of society that were abandoned during globalization must be strengthened and angry about it, “he said.

At the same time, he noted that duties could have a significant impact on the US themselves, explaining: “The car industry also has complex supply chains in Mexico and Europe. So the cost of buying in the US will be much higher. I see it as a negotiating tactic. We saw that the White House is already expressing some concern. In no case is it excluded to see a reversal of the course in the coming months. “

In the complexity of the production line, Mr. Iain BeggProfessorial Research Fellow of the London School of Economics, who cited Boeing planes as an example. “Boeing has pieces of many countries. If duties are imposed, then spare parts from some countries will be expensive and Boeing will sell fewer planes. “

At the same time, he estimated that “the EU did not retaliate”, however, stressing that “at some point they may have to think of a more aggressive policy. There are some issues related to the secondary consequences such as the exchange rate. In any case, there will be a reorientation of trade. If, with 100% duties, China is excluded from the US market, it may be turned to Europe and European companies may want to deal more with China. “

As for the motivation of duties, Mr Begg replies: “He wants to reduce commercial deficits and restore industrial activity to the US, generate income and force other countries. The US is becoming a completely closed economy like North Korea. She can feed her people, but if she is cut off from the rest of the world, do we care? “