The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

Now, Trump has reached a similar agreement with the European Union. In this latest deal, agreed upon in a meeting between Trump and European Commission President Ursula von der Leyen in Scotland, a lower 15% tariff will be imposed on most European goods, which includes new cars.

Confident that his right-wing populist policies would help win him favor with Trump’s administration, Orbán said in an interview in April that while tariffs “will be a disadvantage,” his government was negotiating “other economic agreements and issues that will offset them.”

April 9: Trump's higher "reciprocal tariffs" begin just after midnight. Hours later, the president says he is issuing a 90-day pause on those duties, except for China. Trump raises tariffs on Chinese goods from 104% to 145%, the highest rate so far this year.

The outlook for European corporate health has slightly improved, the latest earnings forecasts showed on Tuesday, despite continued uncertainty over global trade and the European Union preparing for counter-measures against any major U.

A growing number of European Union member states, including Germany, are considering using wide-ranging "anti-coercion" measures targeting U.S. services if the EU cannot reach a trade deal with U.S. President Donald Trump,

The member states on Thursday approved the list of retaliatory tariffs proposed by the European Commission to counter US trade measures, with only Hungary voting against. The list includes an initial package of measures adopted in early April,

European shares fell on Tuesday, hit by mixed corporate earnings and anxiety over tariff negotiations between the U.S. and its trading partners, while the euro held steady.