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Domański on customs on TVN24: We will respond firmly
Finance Minister Andrzej Domański stated in the „One on One” program that the European Union must respond unitedly, coherently, and resolutely to any further actions taken by the American administration concerning the ongoing trade conflict with the United States.
– Our stance is unequivocal. We understand that tariffs are detrimental. They adversely affect the economy, harm businesses, hurt consumers, and ultimately result in increased prices, leading to inflation. I trust that this negative cycle will not persist – stated the head of the Ministry of Finance.
– As the European Union, we must and will react collectively, in a very coherent and resolute manner to any subsequent potential decisions from the American administration – he stated. He assessed that tensions with the United States are escalating. – There is no benefit in deceiving ourselves in this matter – he remarked.
Domański expressed the desire for „positive relations with the United States.” – After all, it is our largest trading partner, referring to the entire European Union bloc, a vital ally, and it is in both the American and European economies’ interest to avoid introducing further tariffs in the future. Naturally, if the United States chooses to impose tariffs, the European Union must retaliate – Domański stressed.
– I believe such a moment will arrive – Domański said when asked if he anticipates a de-escalation of relations. – I hope that the American administration, recognizing the economic impact and observing recent trends in the American stock market, will refrain from taking further actions – added the head of the Ministry of Finance.
He noted that the current tariffs will have a „moderate effect” on Poland. – Our economy is robust and highly diversified. We are not as reliant on exports to the United States as other European nations. However, let’s be candid; the impact is certainly negative. This is primarily because it affects the German economy, which in turn has implications for the Polish economy, given that Germany is our largest trading partner within the EU – he clarified.
Trade war
In response to the tariffs enforced by the US on foreign steel and aluminum on Wednesday, the European Commission declared that the EU will impose retaliatory tariffs on American goods valued at €26 billion. Initially, the EC will lift tariffs from the first Trump administration, which included American alcohol, Harley-Davidson motorcycles, and jeans primarily produced in Republican-held states or key election areas, before introducing new tariffs on items like beef and sugar.
During a meeting with Irish Prime Minister Michael Martin at the White House on Wednesday, Trump stated that the US would react to the EU’s retaliatory tariffs. The US president reiterated his plan to impose additional tariffs on April 2 to match those levied by other nations. He also mentioned the intention to tax car imports.
On Thursday, Trump threatened to impose retaliatory tariffs of 200 percent on EU alcohol products as a response to the earlier EU tariffs against the US.
Inflation and interest rates in Poland
Domański also addressed the press conference held by NBP President Adam Glapiński, where inflation projections were revealed. These projections indicate that inflation is expected to reach 4.9 percent in 2025, 3.4 percent in 2026, and 2.5 percent in 2027.
– We at the Ministry of Finance anticipate that inflation will be closer to 4% by the end of the year, rather than the 5% forecasted by NBP analysts – the minister stated during the „One on One” program. – Although this remains elevated, let me remind you that under PiS governance, inflation peaked at 18% – he remarked.
During the conference, Glapiński noted that the current NBP interest rates do not pose a significant obstacle to economic growth and investment. He mentioned that a sharp rise in inflation, coupled with high wage growth, increasing core inflation, and ongoing economic recovery, does not justify rate cuts.
The Monetary Policy Council maintained the interest rates of the National Bank of Poland on Wednesday. The NBP’s main interest rate, the reference rate, remains at 5.75%. The MPC last adjusted interest rates in October 2023.
– I cannot criticize the NBP. It is evident that elevated interest rates hinder economic growth and the ability to secure loans, even for housing – remarked Domański.
Minister on digital tax
The finance minister was also queried about the potential introduction of a digital tax targeting major tech companies in Poland, which was previously announced by the Minister of Digital Affairs, Krzysztof Gawkowski. The announcement faced criticism from the incoming US ambassador, Tom Rose.
– At this time, we are not working on such a tax – the head of the Ministry of Finance stated.
He further emphasized that „no ambassador, from any nation, even our closest allies, will dictate what taxes we implement or eliminate” – These are decisions made by the Polish government – he asserted.
Prime Minister Donald Tusk addressed the issue on Wednesday, indicating
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