Economic Development Update
Hungarian Prime Minister Viktor Orbán announced on Saturday that both Hungary and the United States are working towards an agreement on an economic cooperation package aimed at bolstering the Hungarian economy and mitigating potential impacts stemming from any tariffs the U.S. might impose.
Orbán, a long-time advocate of U.S. President Donald Trump, emphasized that the proposed economic package would enhance the existing political alliance between Hungary and the United States.
He stated that such an agreement would be crucial for Hungary in the event of a trade conflict between the United States and the European Union.
Recently, President Trump indicated that his administration would soon propose a 25% tariff on goods imported from the European Union, arguing that these tariffs are intended to address economic disruptions caused to the U.S.
“Hungary would face losses in the event of a trade war, similar to all EU member states. While the exact extent of these losses remains uncertain, we are confident that they will occur,” Orbán remarked at the annual conference of the Hungarian Chamber of Commerce and Industry.
He further noted that Hungary is well-positioned to negotiate an agreement with Washington, highlighting that the economic package should aim to minimize or prevent any adverse effects of a potential trade war within Hungary.
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