The deal was struck less than a week before the U.S. threatened to levy a much higher 30% tariff on European goods.

Trump had most recently threatened tariffs of 30% on imports from the European Union. But on Sunday, he met with the president of the European Commission, and they agreed to a lower level.

The United States and the European Union announced a trade framework Sunday after a meeting between President Trump and European Commission chief Ursula von der Leyen.

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.