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.”

Trump’s proposed 15% ‘universal tariff’ could cost American households an extra $2,400 a year, raising consumer prices and shaking the economy as a key deadline nears.

The EU says its negotiators are working "might and main" on a deal, but the decision rests with US President Trump.

A deal with Japan and a potential deal with Europe follows months of uncertainty and will likely raise prices while offering a bit of clarity for global trade.

The European Commission said on Thursday a negotiated trade solution with the United States is within reach - while EU members voted to approve counter-tariffs on 93 billion euros ($109 billion) of U.