(MENAFN) Hungary’s foreign minister on Thursday described a high-level meeting between US President Donald Trump and Chinese President Xi Jinping as “successful,” noting that agreements reached on trade and rare earths represent “good news” for Hungary’s economy.

“The successful meeting and agreement on trade issues between Donald Trump and Xi Jinping are good news for the Hungarian economy,” Peter Szijjarto wrote on X, the social media platform formerly known as Twitter.

He emphasized that Hungary favors “a global economy built on rules, common sense and mutual respect, and not on division into rival blocs.”

“A fragmented world economy would clearly harm us,” the foreign minister added, highlighting that the US and China are Hungary’s two largest investment and trade partners outside the European Union.

“Stronger cooperation between them supports our growth and the stability of the global economy,” he said.

Trade data from the Observatory of Economic Complexity (OEC) shows that in July 2025, the US exported $279 million in goods and services to Hungary, up 6.15% from $262 million in July 2024.

Szijjarto previously noted that Hungary has become a key destination for Chinese investment in Europe, citing that 44% of China’s European investments last year flowed into Hungary.

Earlier Thursday in South Korea, Trump and Xi reached a deal under which the US will ease tariffs on Chinese goods in return for measures including curbing fentanyl shipments, resuming purchases of US soybeans, and lifting restrictions on rare earth exports.

Under the agreement, tariffs linked to fentanyl would drop from 20% to 10%, while overall tariffs on Chinese goods would fall from 57% to 47%.

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