Producers of speciality agricultural products in Europe are due to face a tax increase by the United States on Friday, 18 October.
Approved by the World Trade Organisation, the decision was made as a form of compensation for the US, following illegal subsidies from the European Union to Airbus.
The tariff hike will impact on US$7.5 billion (AU$10.9 billion) worth of imported goods produced in countries within the EU, with France, Spain, Germany and Britain hit hardest, penalised the most as stakeholders in Airbus.
To the relief of Greek olive producers, they have been exempt from the increase, as have those of Italian olives. However Spanish producers weren’t so lucky, with mounting concerns American consumers will opt for Italian and Greek varieties instead.
Other producers being affected are those of Italian Parmesan cheese, and French wine, among others.