Orban suggests great pact with US

(MENAFN) Hungarian Prime Minister Viktor Orban has revealed that Hungary is preparing a substantial economic agreement with the United States. This move comes as President Donald trump threatens to impose tariffs on European Union (EU) goods. Orban highlighted that under former US President Joe Biden, Chinese investments in Hungary had surpassed those from the US, which he believes needs to be addressed.

China became Hungary's largest foreign investor in 2024, contributing nearly half of the country's total investment, while bilateral trade with China reached $14.5 billion in 2023. In comparison, trade with the US was approximately $13.9 billion that same year. Orban mentioned that he had previously agreed with Trump on the potential for a major economic deal, even before Trump’s election.

Hungary has been actively strengthening its ties with the US. In January, the government appointed a ministerial commissioner to boost investment and business relations, and the two countries are in talks over a new double taxation agreement. This comes after Washington unilaterally ended the previous agreement in 2022.

Orban also emphasized Hungary’s economic sovereignty with the announcement of an "economic neutrality" strategy, allowing the country to engage with whichever nations it sees fit for mutual benefit. Despite EU and US sanctions on Russia, Hungary has continued energy cooperation with Moscow, securing long-term gas import agreements, and opposing EU sanctions on Russian energy.

Orban’s statements come as Trump threatens tariffs on EU goods, citing trade imbalances and what he views as unfair practices. Trump has shown a preference for dealing with individual EU member states, evidenced by the absence of union-wide officials at his recent inauguration, where Italian Prime Minister Giorgia Meloni was the only EU leader present.

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