In Warsaw, an informal meeting of the EU Council for economic and financial (EcoFin) began on Fridayin which finance ministers and bosses of the Bank of Central European Union countries take part.
“Today we discussed macroeconomic implications of commercial dispute between the USA and the EU. We see a negative impact on the economy and voltages it causesand although we think that a negative impact on GDP will be greater in the case of the USA than the EU, our task is to take all steps to protect European citizens and European companies, “said Finance Minister Andrzej Domański during a press conference.
He added that “The ministers confirmed full support for the definite and calm approach of the European Commission, which decided to suspend retaliation duties“.
The EU Commissioner for Trade Valdis Dombovskis estimated that the imposition of American duties on virtually the whole world is a mistake and that taking them on the EU is not consistent with “Business partnership logic, whose value is EUR 1.6 trillion“.
“The EU suspended our retaliation for 90 days, but they still remain 10 % duties, introduced earlier and 25 % duties on steel and aluminum as well as for cars and car parts” – noted Dombrovskis. He added that”We must demonstrate calmness in reactions, but all options are on the table“.
Dombrovskis was also asked about the national industrial support packages planned by some governments, which were affected by duties and whether the EC is planning similar activities on an EU.
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“On the EC side, the first rating is that We must be careful in our fiscal reactions, we had Covid, we had Russian aggression to Ukraine and we already have an elevated level of deficit and debt, which must be borne in mind” – he said and added that the industries affected by the duties are already”present in our political activities“.
On Saturday, the informal EcoFin meeting will be continued. This time its members are to focus on the issue of financing European arms expenses. As part of the recently announced Rearm Europe plan, the European Commission proposed to accumulate about EUR 800 billion from the budgets of member states as well as loans and loans for arms purposes.
