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Cyprus Awaits EU Leaders' Guidance on Response to Trump's Tariffs

Published January 20, 2026, 09:34

The Minister of Finance, Makis Keravnos, is chairing the first Council of Ministers of Finance (ECOFIN) of Cyprus today, Tuesday. The agenda includes an update on Russian aggression against Ukraine, the Alert Mechanism for 2026 and economic governance. Responding to a question about the European Commission's package of countermeasures against the US, the Minister stated that there would be statements and an exchange of views, but guidance is expected from the extraordinary European Summit on Thursday. The EU must remain united and uphold international law and the sovereignty of states. The Council is expected to await guidance from the extraordinary Summit, in order to determine the preferred tools to respond to the new US tariffs. Cyprus, due to its own experience with invasion and occupation, emphasizes the importance of supporting Ukraine.