Gulyas said the foreign affairs and trade minister had started consultations with big companies impacted by the tariff agreements.

He added that the agreement would put Europe at an economic disadvantage and contained pledges that the European Commission had no right to make as they were in the scope of power of member states.

He said talks with ten big companies had taken place, and those companies took a similar or identical stance as the government’s on the negative impact of the EU-US tariff deal.

The EC needs to clarify its mandate to reach the deal and explain how it aims to fulfill a pledge to make USD 750bn of strategic purchases from the US, he added.