Hungary has launched a renewed economic response to escalating U.S. trade measures, as Minister for National Economy Márton Nagy convened the country’s Trade Chambers Negotiation Forum (GKEF) on Monday for a crisis meeting. This marks the second session of the task force this year, with a focus on analyzing the economic repercussions of import tariffs imposed by former U.S. President Donald Trump.
According to Hungary’s MTI news agency, the meeting brought together representatives from major Hungarian business sectors, trade associations, and chambers of commerce. The goal was to assess the growing strain on Hungary’s economy and explore coordinated responses within the European Union framework.
“This type of joint analysis and dialogue helps us form a clear picture of the situation and assess the full economic impact of the U.S. tariffs,” Nagy explained. “Negotiations will continue to ensure we’re prepared for various scenarios.”
While Hungary remains committed to supporting its domestic economy, it has taken a cautious stance toward potential retaliatory measures. Hungarian Foreign Minister Péter Szijjártó, speaking after an EU Foreign Trade Council meeting in Brussels, made clear that Budapest opposes the imposition of counter-tariffs on American goods by the European Union.
“Retaliatory tariffs would only raise prices for our own citizens,” Szijjártó said. “We must avoid rushed reactions. Strategic patience is required to prevent deeper economic harm.”
Szijjártó emphasized that Hungary supports dialogue over confrontation and advocates for reducing trade burdens through diplomatic negotiation. The Hungarian government is concerned that any escalation could disproportionately affect Central European markets and hurt local industries already strained by inflation and supply chain issues.
As discussions continue within the EU, Hungary is working to maintain balance between safeguarding national economic interests and fostering transatlantic trade stability.
For the latest developments on international trade policy and EU-U.S. economic relations, visit LiveWorldUpdates.com.
Hashtags:
#HungaryTradeCrisis #USTariffsImpact #EUEconomicStrategy #LiveWorldUpdates