Scott Bessent, the U.S. Secretary of the Treasury, spoke highly of Hungary's economic achievements during a diplomatic meeting with Péter Szijjártó, Hungary's Minister of Foreign Affairs and Trade, on February 19 in Washington, D.C. This marks the first occasion that Bessent hosted a foreign minister in his official capacity.

Szijjártó reported that Bessent acknowledged Hungary's request to renegotiate the double taxation agreement between the two countries.

Bessent noted the U.S. government's commitment, under President Donald Trump, to work towards a swift resolution of the ongoing Russia-Ukraine conflict, which Szijjártó highlighted as a matter of urgent concern for Hungary.

The Hungarian Minister stated that Hungary has faced significant direct challenges stemming from the war for over three years.

Szijjártó emphasized Bessent's appreciation for Hungary's measures against inflation, which has been a pressing issue in the country due to sanctions-related economic challenges.

The Secretary specifically commended Hungary's success in attracting significant foreign investments, particularly from American companies that currently employ over 100,000 Hungarians.

Moreover, the officials agreed on the need for cooperation regarding the global minimum tax, a contentious issue that Hungary had previously blocked under the Biden administration but now sees alignment with U.S. interests.

Szijjártó noted that this agreement could facilitate discussions to resolve the issues arising from the termination of the previous double taxation deal.

The Hungarian Minister referred to the sanctions imposed on Hungarian officials, labeling them as politically motivated.

This includes the sanctions placed on Cabinet Minister Antal Rogán, which Szijjártó described as a clear act of political revenge by the former U.S. ambassador to Hungary, David Pressman.

He expressed concern that the Biden administration's sanctions might harm Hungary's energy security.

Szijjártó reported that discussions included the potential resumption of negotiations regarding the double taxation agreement, which he deemed essential given the current U.S. administration's recent establishment.

During the meeting, representatives from American companies participating in the American-Hungarian Business Council conveyed their satisfaction with operations in Hungary and their intentions to expand local capacities.

This points to an anticipated increase in job creation within the Hungarian economy, particularly in the financial and health sectors.

In addition, the minister remarked on his prior veto against sanctioning Russian individuals within the European Union, framing this as part of Hungary's broader economic strategy.

From a broader perspective, analysts have noted the significance of this diplomatic engagement, viewing it as a potential pathway to enhance the Hungarian-American relationship and elevate cooperation to a new level following years of tension over political and economic issues.