BUDAPEST: Hungary’s nationalist prime leader has spent years cultivating tight political ties with US President Donald Trump and identifying himself with the MAGA movement. Despite Viktor Orbán’s success in earning favor with Trump’s culturally conservative and nationalist side, his country is expected to be among those most impacted by Trump’s tariffs on the European Union. Trump declared earlier this month that he will charge 30 percent tariffs on Mexico and the EU beginning August 1 — a move that may generate enormous turmoil between the US and the EU’s 27 members, including Hungary.
Hungary, a tiny, export-oriented economy with substantial car, pharmaceutical, and wine industries—some of the primary categories of items Europe sells to the US—will be especially vulnerable to Trump’s tariffs. The charges “would put the Hungarian economy in a very, very difficult situation, because then the entire possibility for Hungary to export to America would be essentially eliminated,” Péter Virovácz, chief analyst at ING Hungary, told The Associated Press.
Hungary’s primary economic partners include other EU nations such as Germany, Italy, and Romania, as well as China, however many Hungarian businesses sell their products over the Atlantic. Outgoing commerce to the United States accounts for around 15% of total Hungarian exports to countries outside the EU.
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