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

The talks highlighted the significance of the U.S.-Hungary relationship and the necessity for ongoing collaboration, particularly in the context of current European dynamics.

A considerable part of the conversation concentrated on the ramifications of existing sanctions on Hungary's energy sector.

Minister Szijjártó voiced his concerns regarding restrictions imposed during the last U.S. administration, which he claimed negatively impacted Hungary's energy security and economic interests.

The issues raised included sanctions affecting the modernization of Hungary's Paks nuclear power plant and the development of a crude oil pipeline between Hungary and Serbia.

Minister Szijjártó expressed optimism for advancements in resolving these sanctions, underlining their harmful effects on Hungary's energy infrastructure.

The meeting also addressed the prior U.S. administration's termination of the double taxation avoidance agreement.

Minister Szijjártó pointed out the obstacles this created for U.S. firms investing in Hungary and advocated for the resumption of negotiations to create a new agreement.

Secretary Bessent acknowledged this request, referring to the recent change in the U.S. administration and indicating that tax and economic policy matters are currently under active review.

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

Minister Szijjártó recalled Hungary's past efforts to prevent its implementation, while Secretary Bessent affirmed that the current U.S. administration holds a similar viewpoint.

This consensus suggests the potential for strengthened economic collaboration between the two countries.

Additionally, Secretary Bessent praised Hungary's economic achievements, particularly its endeavors to combat inflation and attract substantial investments.

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

This acknowledgment underscores the strong economic connections and reciprocal benefits 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 necessity of addressing the disruptions in economic relations caused by prior policy choices and expressed willingness to bolster bilateral relations.

Prime Minister Orbán noted that such an agreement would not only reinstate previous ties but also pave the way for new opportunities for future collaboration.

These discussions and initiatives reflect a unified effort from both the U.S. and Hungarian governments to enhance economic relations and tackle challenges originating from former policy decisions.

The emphasis on resolving issues pertaining to sanctions and taxation embodies a shared commitment to cultivating a more robust and cooperative bilateral partnership.