Economy Minister Consults with Chambers of Commerce due to US Tariffs

Minister for National Economy Márton Nagy convened the Consultative Forum of the Chambers of Commerce in an expanded format in view of the customs measures announced by the United States, the Ministry for National Economy announced in a statement on Monday.

The event was attended by representatives of the Hungarian Chamber of Commerce and Industry, the Confederation of Hungarian Businesses, the Confederation of Hungarian Employers and Industrialists, the National Federation of Hungarian Building Contractors, AmCham Hungary and the German-Hungarian Chamber of Industry and Commerce. Other major companies such as Audi, Mercedes, BMW, Bosch, DENSO and GE also joined the forum, which focused on the new tariff measures announced by US President Donald Trump.

At the meeting, the Minister welcomed the participation of the companies present and thanked the organizations for their continued professional cooperation and constructive dialogue. Márton Nagy said that

this kind of joint reflection and dialogue contributes to an accurate picture of the situation and to mapping the economic impact, for which the discussions will remain ongoing.

Earlier, the Minister said that the economic impact of the US tariff measures would be examined in detail, both regarding the European Union and Hungary, Világgazdaság wrote.

Fact

US President Donald Trump has recently announced enormous new tariffs on imported goods, BBC reported. He said that there would be a 10 percent tariff on all nations, but it could go up to 50 percent on individual countries. The President thinks that these measures would boost the US economy.

European Commission President Ursula von der Leyen reacted to the news by saying that the American tariffs would be a major blow to the world economy. She said she agreed with Trump that others were taking unfair advantage of the current rules, but reminded at the same time that reaching for tariffs as a tool is not a solution. “That is why, from the outset, we have always been ready to negotiate with the US, to remove any remaining barriers to Transatlantic trade. At the same time, we are prepared to respond. We are already finalising a first package of countermeasures in response to tariffs on steel. And we are now preparing for further countermeasures, to protect our interests and our businesses if negotiations fail,” the Commission president underlined.

EU politicians will also discuss trade issues with the US and China in Luxembourg on Monday, Foreign Minister Péter Szijjártó announced on his Facebook page. Speaking ahead of the EU foreign trade council, the Minister said that the bloc used to be a major player in the world economy and trade, but its competitiveness has plummeted dramatically in recent years due to “Brussels’ inept security and economic policies.”

The EU used to be a major player in the world economy and trade.

However, Brussels’ incompetent security and economic policies have significantly deteriorated the EU’s competitiveness. By unnecessarily politicising economic issues, the Commission has put European companies in…

— Péter Szijjártó (@FM_Szijjarto) April 7, 2025

“Brussels has put European companies in a difficult position by its totally unnecessary politicization of economic issues,” he underlined.

Mr Szijjártó complained that the European Commission had been unable to build a normal customs cooperation with the United States after the tariffs imposed on the Chinese electric car industry, which were opposed by European car manufacturers.

“It was not a complicated formula: the tariffs on the car industry, the backbone of the two continental economies, should have been reduced and then everyone would have benefited,” he stated.

Foreign Minister Accuses EU Commission of Failing Tariff Policy