US Treasury Secretary Affirms Trump's Commitment to End War

US Treasury Secretary Scott Bessent praised the performance of the Hungarian economy and acknowledged the Hungarian government's request to renegotiate the agreement on the avoidance of double taxation, Minister of Foreign Affairs and Trade Peter Szijjarto said in Washington DC on Wednesday.

Minister of Foreign Affairs and Trade Peter Szijjarto delivers a speech at the announcement of Harro Hofliger Hungary's new investment in Debrecen on February 14, 2025. The company with a German background is constructing a new facility with an investment of six billion forints, with additional 1.5 billion forints in state funding, helping to create a hundred new jobs in the city (Photo: Zsolt Czegledi)

Following talks with the US treasury secretary, Peter Szijjarto said that Scott Bessent affirmed that the US government and President Donald Trump will make every effort to bring the war in Ukraine to an end as soon as possible. The foreign minister called this the best news for Hungary, as the country has been facing significant challenges from the war for three years now.

It is also good news that the US treasury secretary spoke very highly and positively about Hungary's economic performance in two respects. He praised the Hungarian government's measures to bring down inflation, which were unfortunately necessary due to the difficulties Hungary also had to face because of the inflation driven by the sanctions. Secondly, Scott Bessent highly praised the  numerous investments Hungary has attracted in recent years, Peter Szijjarto said.

The treasury secretary also pointed out the role American companies play in Hungary’s economy, noting that more than 100,000 Hungarians are employed by US companies,

he added.
The sides were in agreement on their opposition to the global minimum tax for big corporations, Peter Szijjarto said, noting that the Hungarian government has long blocked the introduction of the measure in spite of pressure by the Biden administration. He added that the termination of the double taxation avoidance treaty between the US and Hungary has been a consequence of that conflict.

The treasury secretary thanked Hungary for standing against the global minimum tax and confirmed that the current US administration also opposes it.

At the meeting, Peter Szijjarto also touched on the difficulties arising from the termination of the double taxation avoidance agreement, which has also posed challenges for US companies making investments in Hungary.

The treasury secretary acknowledged our request to restart negotiations as soon as possible. However, it should be noted that the new US administration has been in office for only a few weeks, and I see they have several pressing tasks in the areas of taxation and economic policy,

he underlined.

Of course, we also discussed the issue of sanctions. I particularly highlighted that the placing of Cabinet Minister Antal Rogan on a sanctions list was a petty political revenge by the outgoing US ambassador who left Hungary in frustration. In addition, we also touched on the Biden administration's sanctions measures, which are harmful to Hungary's energy security,

he said.
He further explained that the future of sanctions is closely tied to when and how the war in Ukraine can be resolved.

"The sooner the war in Ukraine ends, the sooner international politics can return to normalcy and sanctions regimes can be lifted. After all, it is not normal for international politics to be centered around sanctions," Peter Szijjarto remarked.

Overall, I view today’s meeting very positively. The treasury secretary spoke highly of Hungary in several respects. It is clear that there is agreement between the US and Hungarian governments on several issues in the area of economic and tax policies. This provides a solid foundation for elevating our economic cooperation to a new level in the coming period,

he concluded.
Finally, Peter Szijjarto noted that companies attending the extraordinary meeting of the US–Hungary Business Council expressed satisfaction with their operations in Hungary and nearly all of them planned to expand their capacities.

Based on the plans shared with me today by representatives of the financial, healthcare, pharmaceutical, and energy sectors, we can expect thousands of new jobs to be created at US companies operating in Hungary in the coming months. This will give another boost to the Hungarian economy,

he stated.
Cover photo: Minister of Foreign Affairs and Trade Peter Szijjarto delivers a speech at the announcement of Harro Hofliger Hungary's new investment in Debrecen on February 14, 2025. The company with a German background is constructing a new facility with an investment of six billion forints, with additional 1.5 billion forints in state funding, helping to create a hundred new jobs in the city (Photo: Zsolt Czegledi)