BBJ: Former Prime Minister Viktor Orbán had a famously close friendship with President Donald Trump. With that personal connection no longer there, do you worry this will have any impact on bilateral trade?

Ákos Janza: Hungary ranks 43rd in size among the United States’ trading partners. This is around the same level as the U.S. trade with Norway. Hungary remains an important mid-sized trading partner. While the former prime minister enjoyed a good personal relationship with President Trump, we believe that U.S.-Hungarian relations are built on a strong foundation and will continue to flourish under the new Hungarian administration. Vice President of the United States J.D. Vance confirmed after the elections that the administration would certainly have a good working relationship with the new PM. The new government also expressed an interest in deepening Hungary’s ties with the West, including NATO, which we believe will also help maintain momentum in the two countries’ relationship.

BBJ: One area of concern has been the long-standing U.S.–Hungary income tax treaty that was terminated and ceased to apply from Jan. 1, 2024. Where do we currently stand on the double-taxation issue? Does AmCham have any hope that it might be resolved soon? What are you doing to address the issue?

ÁJ: The termination of the U.S.–Hungary double taxation treaty remains one of the most significant unresolved matters affecting the bilateral business environment. AmCham Hungary continues to believe that restoring a predictable and modern framework for cross-border taxation would be in the mutual economic interest of both countries. While we have not yet seen concrete indications that negotiations on a new treaty are imminent, we remain hopeful that, as the broader U.S.–Hungary relationship continues to develop, the issue can return to the bilateral agenda.

In the meantime, AmCham has kept the matter among its policy priorities. We maintain an ongoing dialogue with both the Hungarian and U.S. governments, regularly communicate the practical impact on our member companies, and work closely with the U.S. business community and other stakeholders to advocate for a long-term solution. We have consistently emphasized that tax certainty is a key factor in investment decisions and that a comprehensive treaty would benefit businesses, workers, and the economies of both countries. We remain committed to advocating for such a solution and stand ready to support both governments in any dialogue that could help move the process forward.

BBJ: Are there any other specific questions about the relationship you are working on for your members?

ÁJ: We keep competitiveness issues that may negatively affect large international companies, including U.S. companies, firmly on the agenda, and continue to channel these concerns toward the current government. Several regulations still need to be reviewed and amended to create a more attractive, predictable, and investment-friendly business environment, for example, in the fields of labor regulations, pharma, and competition law.

BBJ: Do you hope to see any uptick in tourism or trade on the back of the return of direct American Airlines flights between Philadelphia and Budapest? Are you lobbying to have other direct routes added?

ÁJ: The restoration of direct flights between the United States and Hungary has been on our advocacy agenda in recent years. We are therefore delighted to welcome American Airlines back to the Hungarian market. While the number of visitors from the U.S. has been increasing, it remains below pre-COVID levels, indicating great potential for American tourism. The return of direct flights between Philadelphia and Budapest is certainly expected to increase visitor numbers and facilitate business relations. However, to grow the current 500,000 American visitors per year to potentially 700,000-800,000 in the next few years, further gateway cities are necessary.

BBJ: According to the United Nations Commodity Trade Statistics Database, 2025 saw Hungarian exports to the U.S. reach USD 6.56 bln, the highest level in the dataset. According to the U.S. Bureau of Economic Analysis, there was approximately USD 18.2 bln in two-way trade (USD 13.2 bln in U.S. imports from Hungary and USD 5.02 bln in U.S. exports to Hungary). What has driven this growth, is it sustainable, and what are your expectations for 2026 and beyond?

ÁJ: It reflects the structure of the Hungarian economy. Hungary is strongly integrated into European and global value chains, especially in automotive, electronics, machinery, pharmaceuticals, medical technology, and advanced manufacturing. These are precisely the sectors where transatlantic demand has remained strong.

Two-thirds of U.S. exports are machinery, transportation, and electrical equipment; 25% are manufactured goods, from photography equipment to toys; and the rest is food, beverages, crude materials, and fuels. Hungarian exports are similar: almost 80% are machinery and transport equipment, and 20% are manufactured goods.

The level of FDI is a good indicator of trust in a market. Official 2025 U.S. FDI figures are not yet available. However, in November 2025, HIPA announced that the number of U.S. investment announcements reached a record high in that year, and in January 2026, that 16 American projects launched in 2025 reached an investment volume of EUR 480 million. We will see how the trend continues.

One important point to note: CBAM, the EU’s new import measure, will have some effect on U.S. exports to Hungary, but it will not affect the main trade goods. Typically, it will affect steel and aluminum imported from the States, as well as some other materials.

BBJ: AmCham is a famously multinational chamber. What percentage of your membership is U.S.-based, and how have these figures tracked in recent years?

ÁJ: We have more than 300 member companies. Around 41% of our membership is American, Hungarian companies make up 27% of the membership, and 32% are international members. This makeup did not change significantly throughout the years: in 2001, 56% of our members were American; in 2015, the figure was 39%.

BBJ: Your annual Independence Day Family Celebration falls on Sunday, July 5, and it’s a significant one. What do you have planned to mark the occasion?

ÁJ: The Independence Day party is a beloved tradition at AmCham. It offers our members and their families a chance to celebrate together in a relaxed summer setting. The event provides a wonderful opportunity to enjoy the community spirit, strengthen connections, and reconnect with friends and partners.

Of course, this year’s celebration will be a special one, marking the 250th anniversary of the independence of the United States of America. We will prepare for this special occasion with USA-themed patriotic décor, classic American treats, and a variety of entertainment options. At its heart, this tradition is a celebration of shared values, human connections, family ties, and friendships that bring our community together every year.

This article was first published in the Budapest Business Journal print issue of July 3, 2026.