Trump’s Win May Spell Trouble for PM Orbán in 2026
Hungary places all hopes on President Trump’s victory in November
The Hungarian government, led by PM Orbán, has placed all their bets on President Trump’s victory in the upcoming November presidential elections. Orbán is hopeful that a Trump administration would bring an end to the war in Ukraine and alleviate US and EU pressure on Hungary concerning certain issues. Additionally, their private friendship could help develop ties between the two countries. However, experts are warning that a new Trump administration could have shocking implications for Hungary’s economy due to the policies he promises to follow.
PM Orbán needs positive economic news to secure victory
According to Portfolio, PM Orbán and his government should not solely rely on a Trump victory as this could result in their loss in the 2026 general elections. The economic policies proposed by the former president could lead to decreased trade between the EU and the USA, ultimately impacting economies like Germany and Hungary. The Hungarian general elections are approaching, and Péter Magyar’s Tisza Party currently holds a slight lead over Fidesz in the polls, marking an unexpected turn of events in Hungarian politics.
Trump’s presidency could pose challenges for Hungary’s economy
Trump’s proposed policies could have severe implications for Hungary’s economy, particularly in the automotive industry, which employs over 150,000 Hungarians. The introduction of tariffs on imports could trigger a trade war between major global players like the EU, the USA, and China, impacting economies worldwide. This economic volatility could lead to a contraction in GDP growth, posing challenges for PM Orbán and his government.
Economic decline on the horizon in Europe and Hungary
Analysts predict a painful economic contraction for countries like Slovakia and Hungary, heavily reliant on exports to the USA. Hungary’s openness to merchandise trade leaves it vulnerable to external shocks, and a Trump administration could further exacerbate economic challenges. PM Orbán’s government is in need of GDP and consumption growth to secure victory in the upcoming elections, adding pressure to the current economic situation.
China, forint, military: potential areas of impact
A new Trump administration would likely push Hungary to reevaluate its relationship with China, resulting in changes to financial agreements and trade partnerships. The strengthening of the US dollar could further impact currencies like the Hungarian forint, posing additional challenges for the economy. Additionally, Trump’s expectations for Hungary to purchase American military equipment could strain the country’s budget, adding to the economic burden.
As Hungary braces for potential economic turbulence under a new US administration, PM Orbán and his government face the daunting task of navigating uncertain waters to secure victory in the upcoming elections. The outcome of the November presidential elections will undoubtedly have far-reaching implications for Hungary’s economy and political landscape.
