On February 19, 2025, U.S. Treasury Secretary Scott Bessent convened an initial meeting in Washington, D.C. with Hungarian Foreign Minister Péter Szijjártó to go over common economic and national security interests.

The conversation emphasized the significance of the U.S.-Hungary alliance and the necessity for ongoing collaboration, particularly in light of the current situation in Europe.

A considerable part of their discussion revolved around the effects of current sanctions on Hungary's energy sector.

Minister Szijjártó raised concerns about the penalties instituted during the prior U.S. administration, which he argued negatively impacted Hungary's energy security and economic interests.

Specific topics included sanctions obstructing the modernization of Hungary's Paks nuclear power plant and the development of a crude oil pipeline linking Hungary and Serbia.

Minister Szijjártó expressed optimism for progress in resolving these sanctions, underscoring their harmful repercussions on Hungary's energy infrastructure.

The conversation also touched on the cancellation of the double taxation avoidance agreement by the former U.S. administration.

Minister Szijjártó pointed out the complications this created for U.S. companies operating in Hungary and advocated for reviving negotiations to create a new agreement.

Secretary Bessent acknowledged this appeal, remarking on the recent change in U.S. administration and indicating that tax and economic policy issues are currently under review.

Both officials expressed their opposition to the global minimum tax initiative.

Minister Szijjártó recalled Hungary's past endeavors to thwart its implementation, while Secretary Bessent confirmed that the current U.S. administration shares this perspective.

This shared viewpoint hints at the potential for enhanced economic collaboration between the two countries.

Furthermore, Secretary Bessent praised Hungary's economic achievements, particularly its strategies to tackle inflation and attract substantial investments.

He highlighted the significant presence of American companies in Hungary, which together employ over 100,000 Hungarian citizens.

This recognition underscores the strong economic bonds and reciprocal advantages stemming from the bilateral relationship.

In a related announcement, Hungarian Prime Minister Viktor Orbán revealed intentions to negotiate a major economic agreement with the United States.

He stressed the importance of addressing disruptions in economic relations due to previous policy decisions and expressed a willingness to strengthen bilateral connections.

Prime Minister Orbán indicated that such an agreement would not only restore prior ties but also create new opportunities for future collaboration.

These discussions and initiatives demonstrate a coordinated effort by both the U.S. and Hungarian governments to bolster economic relations and tackle challenges arising from earlier policy choices.

The emphasis on resolving issues related to sanctions and taxation highlights a mutual dedication to nurturing a stronger and more cooperative bilateral partnership.