Dialogos

Finance Minister: 'ECOFIN Awaits Guidance from EU Leaders on US Tariffs'

Published January 20, 2026, 10:01
Finance Minister: 'ECOFIN Awaits Guidance from EU Leaders on US Tariffs'

The Minister of Finance, Makis Keravnos, presided over the first Council of Ministers of Finance (ECOFIN) today under the Cypriot Presidency. In his introductory statement, he presented the priorities of the Presidency, which include Russia's aggression against Ukraine, the 2026 Alert Mechanism, and economic governance. The Minister stated that the Council will await guidance from the emergency Summit on Thursday regarding the response to the tariffs imposed by the US on EU products. He emphasized that the EU must remain united and adhere to international law and regulations. Regarding the European Commission's package of countermeasures against the US, the Minister estimated that there would be statements and exchange of views, but the final decision would be made after the emergency Summit. Cyprus, due to its own experience with invasion and occupation, fully understands the suffering of the Ukrainian people and considers countering Russian aggression as one of the main priorities of its Presidency.