Hungary will create a group to deal with the consequences of the US-EU trade deal

A working group will be set up in Hungary with the participation of large foreign and national companies operating in the country to combat the economic consequences of the tariff deal previously concluded by the European Union (EU) and the United States. This was announced on August 1 by Hungarian Foreign Minister Peter Szijjarto.

"We (Hungary and companies. We have agreed to create a joint working group that will be tasked with preparing proposals within two weeks that can be translated into concrete measures to improve Hungary's economic competitiveness in this difficult international environment," he wrote on his page on the social network X (ex. Twitter).

Szijjarto clarified that this group includes car manufacturers from Germany — Audi, Mercedes-Benz and BMW, South Korean companies SK On and Samsung, as well as CATL lithium—ion battery company from China. In addition to them, this list also includes the German company Bosch, the Japanese Denso, the American GE Vernova and the Hungarian pharmaceutical company Gedeon Richter.

Szijjarto added that the group aims to develop measures to protect Hungarian jobs and industry from the effects of the US-EU trade deal.

The end of free trade: The US is on the verge of harsh action against the EU

The parties are ready to exchange mutual duties of 30%

On the same day, Bloomberg columnist Simon Nixon said that the US—EU trade agreement was an extremely unfavorable deal for Brussels. It is specified that the average duties of the United States on imports from the European Union will increase from 1.5% on the day of the election of US President Donald Trump to about 16%. At the same time, the deal will destroy any remaining hopes for lowering non-tariff barriers, which have been such a long-standing source of friction.

The United States and the European Union agreed on a trade deal on July 28. The agreement will allow the EU to avoid 30% duties that could be imposed by Washington. As a result of the deal, the European Union remains with 15% tariffs on most of its exports, including cars.

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