European Union (EU) finance ministers will meet on Friday to discuss how to address the negative impact on European economic growth from US tariffs on EU goods, according to an invitation letter written by the meeting's chairman, Andrzej Domanski.
Domanski, the Polish Finance Minister who currently holds the rotating EU presidency until June, said ministers should consider closer integration of the EU's internal market in response.
"Disrupted supply chains and increased costs for companies will affect growth rates and the value of the European currency," Domanski wrote ahead of the meeting in Warsaw.
"This will have adverse social consequences, including higher prices for consumers and exposing citizens to greater vulnerability. We will focus on the broader economic implications on Friday," he said.
The European Central Bank had previously forecast eurozone economic growth of around 0.9% and inflation at 2.3% for this year, estimates made before the US tariffs were announced.
Since then, Washington has imposed 25% tariffs on steel, aluminum and vehicles from Europe, as well as 20% on almost all other goods from the continent.
The US has also imposed retaliatory tariffs globally, triggering a market plunge on fears of inflation, weak demand and a possible global recession.
Domanski said the removal of regulatory barriers within the EU that hinder trade between its 27 member states should be a natural response to the US move. The International Monetary Fund (IMF) has said such rules are equivalent to tariffs of more than 40% on goods and 110% on services.
“One of the main objectives of the talks is to demonstrate the unity of the European Union,” he said. “Our strength lies in our solidarity together.”
