EU should protect citizens and firms from US tariffs, Polish MinFin says
As Washington targets Europe with 25-percent tariffs, Poland's finance minister has urged the bloc to prioritise protecting its citizens and businesses.
Andrzej Domanski's call for action came during the informal meeting of EU Ministers for Economic and Financial Affairs and Central Bank Governors (ECOFIN), hosted by Warsaw as part of Poland's presidency of EU council.
"The ministers have expressed their full support for the European Commission's firm and seamless decision to suspend the retaliatory tariffs," Domanski said, referring to the duties the EU had planned to impose on US imports in response to the 25 percent tariff planned on EU exports to the US. On Wednesday, US President Donald Trump announced a 90-day pause for all listed levy-targeted countries, except China.
According to Domanski, the current market environment between the two sides affects the EU economy. "While we believe the US would experience a greater negative impact on its GDP than the EU, our goal is to take all necessary steps to protect European citizens and European businesses," he said.
Domanski added that the informal meeting also concerned the "macroeconomic implications" of what he called a "trade dispute" between Washington and Brussels.
Valdis Dombrovskis, the EU commissioner for trade, called US-imposed tariffs a "mistake," and said that targeting the EU contradicts the bloc's EUR 1.6 billion business partnership logic. He urged the EU to remain calm in its response while keeping "all options on the table."
Aside from the sweeping US tariffs, the ECOFIN meeting concerned the Savings and Investments Union - the EC's initiative designed to encourage billions of euros worth of savings to be invested productively across the member states. Adopted in March, the plan would also improve European concurrency. (PAP)
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