Pharmaceutical manufacturers can breathe a sigh of relief: the 250 percent punitive tariff in the USA is not coming

This is particularly favorable for Hungary, as the pharmaceutical industry plays a key role in Hungarian exports to the United States. The agreement also ensures that European semiconductors will not be subjected to tariffs above 15 percent, despite earlier U.S. plans for significant increases in this area.

Another crucial point of the trade agreement concerns the automotive industry. The U.S. government is willing to reduce the current 27.5 percent tariff to 15 percent, but in return the European Union must enshrine into law that no tariffs will be imposed on American industrial and agricultural products. Maroš Šefčovič, the EU Commissioner for Trade, stated that this legislative process could begin as early as August, meaning that from September 1, when the other tariffs also come into effect, the lower 15 percent rate would already apply to European cars.

The EU–U.S. trade agreement was concluded at the end of July between European Commission President Ursula von der Leyen and Donald Trump. While the 15 percent tariff level may disadvantage some EU member states, Tamás Móró, Chief Strategist at Concorde, noted that the outcome is still better than many had feared:

“If in prison you are threatened with execution but end up only being beaten, you’re still relieved” – said the strategist.