Latest from Budapest Times
Budapest Times
4 hours ago
- Business
- Budapest Times
Fidesz-KDNP call for release of ‘secret clause' in EU-US deal
MEPs of Hungary's ruling Fidesz-Christian Democrat alliance said on Tuesday that the recent agreement between the European Union and the United States is 'catastrophic' and 'serves as further proof that the Brussels bureaucracy has turned its back on the interests of European families and businesses', adding that the deal 'contains a secret clause promoting Ukraine's interests'. The deal under which the US would impose a 15 percent tariff on European products and the EU would buy energy worth 750 billion euros from the US alongside European companies investing a further 600 billion euros in the US, 'would make Europe's people and businesses pay exorbitant prices for energy rather than increase Europe's energy independence,' the MEPs said, insisting that the new agreement was 'another act of betrayal'. 'It is totally absurd that Brussels bureaucrats, without any authorisation, commit to stellar investments on behalf of European companies rather than work to assist those businesses and improve their competitiveness,' the statement said. Concerning the 'secret clause', they said it was aimed at providing further military aid to Ukraine and prolonging the war. European Commission President Ursula von der Leyen and 'the Brussels leadership want to continue financing the war at the expense of European taxpayers and without consulting voters,' the statement said. The MEPs demanded the immediate release of the document. The MEPs also slammed Von der Leyen's reelection as EC head, 'supported by the left-liberal grand coalition', including the European People's Party and Hungary's opposition Tisza Party. 'We won't let Brussels drive the continent to war and ignore the will and interests of Europeans. Brussels is in need of an urgent change of leadership,' the MEPs added.
Budapest Times
4 hours ago
- Business
- Budapest Times
Szijjártó: Two key world political figures trounced von der Leyen in a single week
Péter Szijjártó, Minister of Foreign Affairs and Trade, said two key world political figures trounced President of the European Commission Ursula von der Leyen in a single week. The foreign minister added that multiple tariffs must be paid for European goods in the US from now on, while von der Leyen had been afforded a greeting in China more in line with the arrival of a tourist than an official representative of the bloc. 'The European Union is basically now the butt of humiliation and ridicule in world politics,' a ministry statement quoted him as saying. No one, he added, could afford to speak about Donald Trump or Chinese leaders, as many European politicians had done, in a demeaning way without bearing the consequences. He said crude and vulgar comments about Trump had 'backfired', adding that tariffs of 2.5 percent on European cars and other goods would now rise to 15 percent. Minister Szijjártó said it was shameful 'that such a person represents the European Union'. Meanwhile, the minister expressed hope that a rift would not develop between President Trump and Russian President Vladimir Putin. 'The world has become a safer place since the American and Russian presidents started talking to each other,' he said. Minister Szijjártó accused Western European leaders of attempting to undermine US peace efforts, calling such efforts 'extremely irresponsible and criminal'. Had Ukrainian President Volodymyr Zelensky and Western European politicians 'not hindered' Trump's efforts, the settlement of the war might be 'much closer', he added. He said Western European leaders had turned the war in Ukraine into a global problem, 'and even a European war'. Referring to the 'Hungarian peace mission' last summer, he said most of his EU counterparts had savaged him for trying to promote a ceasefire and peace negotiations. 'Donald Trump has solved things in the rest of the world, but in Europe … they are trying to suppress and shame normal, conservative, patriotic, peace-loving politicians,' he said. Minister Szijjártó said that as long as a national government was in power, Hungary would be a good place to live. But if a 'puppet government at the mercy of Brussels comes to power', there would no longer be a government to fight Hungary's corner against 26 EU member states.
Budapest Times
4 hours ago
- Business
- Budapest Times
Trade balance deteriorates in June
The surplus was EUR 978 million, the balance decreased by EUR 145 million, year-on-year. The volume of export worsened by 0.7% compared to the same period of the previous year, that of import increased by 6.0%. The seasonally and working-day adjusted export volume decreased by 1.4% compared to 2025. May, while that of import improved by 1.6%. In June 2025 the value of export amounted to EUR 12.3 billion (HUF 4,935 billion), that of import was EUR 11.3 billion (HUF 4,541 billion). In June 2025 compared to a year earlier the value of export increased by 0.1% and that of import improved by 1.4% in EUR terms. According to calendar-adjusted data, the volume of export decreased by 0.7%, that of import increased by 5.9%. The HUF price level of the external trade in goods increased by 2.7% in export and decreased by 2.5% in import, compared to the same month of the previous year. The terms of trade improved by 5.3%. The HUF exchange rate depreciated by 1.9% against the EUR and improved by 4.8% against the US dollar. The export volume of machinery and transport equipment decreased by 1.2%, its import volume improved by 6.8%. The aggregate commodity group of machinery and transport equipment hastened the volume decrease in total turnover by 0.7 percentage points on the export side, and contributed to the total volume increase by 3.2 percentage points in imports. The export volume of manufactured goods decreased by 3.8%, while their import volume improved by 3.8%. The aggregate commodity group of manufactured goods contributed to the volume decrease in total export by 1.1 percentage points and contributed to the total volume growth by 1.4 percentage points in import. The export volume of fuels and electric energy increased by 46%, their import volume was 18% higher than one year earlier. The growth in the turnover of fuels and electric energy counteracted the volume decrease in total turnover by 1.6 percentage points in export and hastened the volume increase in total turnover by 1.5 percentage points in imports. The export volume of food, beverages and tobacco lessened by 4.4%, their import volume increased by 1.5%. The volume change realised by the aggregate commodity group hastened the export volume decrease by 0.3 percentage points and contributed to the total turnover volume increase in import by 0.1 percentage points. The volume of export to the EU-27 member states decreased by 2.9%, the import from there increased by 2.2%. Compared to June 2024 the balance of the external trade in goods decreased all in all by EUR 109 million, generating a surplus of EUR 1.2 billion. This group of countries accounted for 75% of exports and 71% of imports. In the extra-EU-27 trade the volume of export increased by 7.1%, that of import improved by 8.8%. The balance of the external trade in goods with these countries worsened by EUR 36 million, showing a deficit of EUR 179 million. In January–June 2025 compared to one year earlier the volume of export increased by 0.7%, that of import grew by 3.7%. The balance of the external trade in goods decreased by EUR 957 million, the surplus was EUR 6.8 billion. The HUF price level of the external trade in goods increased by 4.5% on the export side, and by 3.2% on the import one, compared to the same period of the previous year. The terms of trade improved by 1.3%. The HUF depreciated against the EUR by 3.8% and by 2.9% against the US dollar.
Budapest Times
4 hours ago
- Politics
- Budapest Times
Orbán: We must restore moral equilibrium – Brussels must pay the price
In a forthright exchange with Polish journalist Michał Karnowski, Prime Minister Viktor Orbán addressed the shifting power dynamics in Central Europe, the erosion of democratic norms in Poland, and the growing rift between sovereignist governments and Brussels. The prime minister began by reaffirming Hungary's unwavering support for Poland in light of recent political persecution. 'In Hungary, we say once a friend, always a friend,' he stated. He denounced the crackdown on Poland's conservative leadership and the silence from EU institutions. 'What's going on in Poland is unacceptable—it's shameful that the European Union says nothing, even supports it,' he added. PM Orbán introduced the concept of 'moral equilibrium,' arguing that Brussels must be held accountable for its double standards. 'I'm not a man of revenge… but what they have done to Poland and Hungary cannot be accepted. Brussels must pay the price,' he declared. Reflecting on Poland's recent presidential election, PM Orbán described President Karol Nawrocki's victory as a turning point. 'It's essential… a chance to reshape Central European cooperation,' he said, praising past successes of the V4 alliance and expressing hope that it could regain strategic weight in EU decision-making. He accused Berlin and Brussels of trying to dismantle this regional influence, calling the move 'obvious and deliberate.' The interview also touched on the EU's proposed multiannual financial framework. The prime minister rejected it outright, calling it a 'war budget.' He criticized the allocation of a quarter of its resources to Ukraine and warned against turning the EU into a military actor. 'I agree with spending on defense—but from national budgets, not the EU's common pot,' he said. He also emphasized that Hungary will not support any future budget unless Brussels unfreezes Hungarian funds. 'First, they have to give it back. Then we can negotiate,' he said. Turning to Ukraine, PM Orbán reiterated that peace is only possible through a direct meeting between Presidents Trump and Putin. 'This war is not between Ukraine and Russia—it's between the West and Russia,' he noted. He also criticized President Zelenskyy's rejection of his earlier peace proposal, calling it 'a mistake.' The prime minister warned as well about what he called the EU's 'biggest corruption scandal'—covert financing of media and NGOs. He announced plans for Hungarian legislation banning foreign funding of politically active NGOs, stating, 'If you're involved in politics, you should follow the same rules as parties.' On migration, PM Orbán issued a stark warning: 'My generation stopped the Muslim influx on our southern border. The next generation will have to defend our western border.' He concluded by framing Hungary's political divide as one of 'patriots and sovereignists' versus 'internationalists and imperialists.'
Budapest Times
4 hours ago
- Business
- Budapest Times
KSH: Hungary's GDP inched up 0.1% in Q2 compared to same period last year
A first reading of data released by the Central Statistics Office (KSH) on Wednesday shows that Hungary's GDP inched up 0.1pc in the second quarter compared to the same period a year earlier. Adjusted for seasonal and calendar year effects, GDP rose 0.2pc KSH said services, especially the ICT sector, had a positive impact on GDP, while the performances of the industrial and agriculture sectors weighed. In a quarter-on-quarter comparison, GDP rose a seasonally- and calendar year-adjusted 0.4pc. In the first half, GDP stagnated, according to unadjusted data, and slipped 0.1pc when adjusted for seasonal and calendar year effects. KSH will publish a second reading of the data on September 2.
