Hungary seeks stronger US partnership over EU tariff concerns
Photo: Viktor Orbán, Prime Minister of Hungary (Getty Images)
Hungarian Prime Minister Viktor Orbán wants to negotiate with the US to expand economic cooperation. He believes this could help offset the potential impact of future tariffs on the EU imposed by the US, informs Reuters.
Last week, US President Donald Trump announced a 25% tariff on European goods. Orban acknowledged that such restrictions would inevitably affect Hungary as well. However, he expressed confidence that a mutually beneficial solution could be found with the US.
"Hungary will suffer losses (in a trade war -ed.), just like all European Union member states. We do not yet know its extent, but we can be sure that it will happen," Orbán said at the annual conference of the Hungarian Chamber of Commerce and Industry.
Orbán stated that Budapest has a good chance of reaching an agreement with Washington. This deal could expand the political alliance between the countries and provide Hungary with economic guarantees, even if a trade war erupts between the US and the EU.
He also mentioned that Hungarian officials are already in talks to restore a tax agreement between the two countries, which the previous US administration terminated.
Trump’s trade wars
Last week, Trump announced tariffs of 25% on Mexican and Canadian goods and did not rule out imposing an additional 10% tariff on Chinese imports.
Furthermore, Trump threatened to impose tariffs on the European Union, which he claimed was "formed to screw the US."
