Hungary discussing business deal with US to counter tariff impact
FILE PHOTO: U.S. President Donald Trump greets Hungary's Prime Minister Viktor Orban in the Oval Office at the White House in Washington, U.S., May 13, 2019. REUTERS/Carlos Barria/File Photo
LONDON - Hungary and the United States are discussing a business deal that could involve cooperation in the space industry and military capabilities, a Hungarian official said on Wednesday, aiming to offset the impacts of potential U.S. tariffs.
Hungarian foreign ministry state secretary Levente Magyar provided details of the talks on Wednesday, stating that while a swift agreement is not anticipated, they hoped to reach agreement on energy, space and military projects.
"We are talking about a few specific projects that could be enveloped into such an agreement," Magyar told Reuters on the sidelines of an event at the Hungarian embassy London. "There's a lot of room for working together."
"We very much hope that big things can be done for the benefit of the Hungarian people," Magyar said, without providing a timeline as the U.S. administration currently has "a lot on their hands".
Hungarian Prime Minister Viktor Orban, an ally of Trump, said in April that Hungary expected to sign a business deal with the U.S. in six months. Without providing further detail, Orban said "tariffs will be negative for us but we negotiate about other economic deals to offset those (tariffs)".
European Union member Hungary's car industry is a key driver of its economy but faces a potential hit from U.S. tariffs while the country contends with a slower than expected economic recovery and tries to curb inflation ahead of 2026 elections.
Magyar acknowledged Hungary would not be able to have a separate trade deal with the U.S. given its obligations as a EU member state but that they still hoped to reach a business deal.
Trump backed away from his threat to impose 50% tariffs on imports from the EU this month, restoring a July 9 deadline to allow for talks between Washington and the 27-nation bloc to produce a deal. REUTERS
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