Hungary and the US will agree on a package of economic cooperation, which will help the Hungarian economy and could offset the impact of possible US duties, Prime Minister Viktor Orban said today.
Orban, a long -term supporter of US President Donald Trump, said the financial package would extend to the existing political alliance between Hungary and the US.
According to him, such an economic agreement would help Hungary even if a trade war between the US and the European Union break out.
The US president said last week that his administration would soon announce 25% of EU goods.
“Hungary will suffer damage (in a trade war), like all states of the European Union. We do not know the range at present, but we can be sure that it will happen, “Orban said in a speech he spoke to before the Hungarian and Industrial Chamber.
He added that Hungary has a good chance of reaching an agreement with Washington and that the package should be able to restrict or completely cancel the impact of a possible trade war within Hungary.
Hungarian officials are already negotiating the renewal of a tax treaty between the two countries, which had been terminated by the previous US administration, Orban added.
Other elements of the agreement will help Hungary to “offset, at national economic level, the losses caused by US duties against Europe and compensate for both monetary terms and terms of real economy.”
Source: RES-EIA
