Donald Trump Jr: We want to do a lot of good business with our friendly allies

The Trump Business Vision 2025, a private event held on Friday evening, was created to promote economic cooperation based on mutual business benefits.

At the business event, Donald Trump Jr. gave a presentation and then answered questions from attendees.

Opening the event, Ákos Janza said: "Every handshake tonight is another bridge across the Atlantic."

From the very beginning of his speech, the eldest son of the US President felt it was important to emphasise his close ties to the Eastern European region. His mother, Ivana Trump, is of Czechoslovakian descent and Trump Jr speaks the language fluently. He recalled his memories of the 1970s and how much the whole area has changed in the last 50 years. The whole area used to be looked down upon, but that is no longer the case.

"Looking at Hungary and other countries in the region, it's like heaven, because the political leadership protects people and culture," he said.

"Because the political leaders in Hungary represent a policy that makes sense, that really fights for its people, and does not infuse the nation with people who have no intention of even attempting to assimilate to a culture, who have no intention of adapting to these values, and who are simply there to exploit the system," he said.

He also mentioned that he found it funny to hear that Hungary was being fined €1 million a day by the European Union for not accepting refugees. "It's the biggest deal in the world," he said of the Hungarian government's position. He added it would cost much more to fund the care of migrants who are accepted and do not really want to integrate.

He was in Budapest last summer when the world was in campaign mode for the US presidential election, but now he has come to the region in a different capacity. He described his active participation in the political campaign as a "wonderful political journey" that has given him the opportunity to understand people's thinking and mentality. He also said that

political will is very important for change to happen, but it cannot happen without the private sector.

He also recalled the importance of elections and the significant changes they can bring. He said that Joe Biden's term had taken the country from prosperity to poverty, from a time of peace to a time of war. "Now we all have an opportunity, maybe one of the last, to really change that, to make the world a better place," Trump Jr. said.

The Executive Vice President of the Trump Organization also spoke about his recent experience in Budapest. He found the people to be happy and comfortable, which he attributed to the fact that the strong political leadership had not forgotten its citizens, and he repeatedly praised Prime Minister Viktor Orbán.

Later, he also mentioned that there is trust between his father, US President Donald Trump, and Prime Minister Viktor Orbán, and that they understand each other very well, which is the basis of everything.

After the 2020 US presidential elections, he said, everyone has seen how fragile economies and democracies are. "Peace can disappear in an instant. We had to reach rock bottom before we could come out of there, towards the light. And as

such Hungary is one of the last bastions of light," the businessman said.

"Hopefully we can get a lot of business going together because there are a lot of threats around us, Hungary and the Central and Eastern European region," he said.

Donald Trump Jr. said

I understand the threat that looms from so many places and it's not the evil boogeyman of Russia, but likely China.

I understand that there is a lot of investment from other countries in Hungary and in the region, but when I look at the US economy, I see a dependency that is not beneficial to us, so I am confident that American and Hungarian businessmen will be able to do good business with each other. He says the work culture in Eastern Europe is different from Western Europe, where people are dedicated and work hard.

Referring to Chinese-backed infrastructure investment, he pointed out that they come in with a bag of cash, make a deal, then usually do a shoddy job and bring in their own people instead of employing locals. "I have seen with my own eyes that they've been fairly dishonest actors around the world," he said. Donald Trump Jr. added that is why it makes sense for US companies to work with companies in the region, whether in infrastructure or other industries.

There are many other opportunities for the two private sectors, the American and the Hungarian, to work together to bridge the gaps, to reduce the trends of recent years whereby

the American economy has become vulnerable to countries that are not its friends or allies.

I'm hoping that we can use the next four years to bridge those gaps, to create those bonds, to be able to have a dynamic shift for the whole world, he said.

In response to a question, he said that there was a need to reduce high exposure in certain industries. As an example, he said that 93% of pharmaceuticals developed in the US are made in China, while almost 100% of advanced chip technology for artificial intelligence comes from Taiwan.

That is why we need to find new strategic allies in the world and do it deal by deal. He mentioned that the US administration is getting a lot of criticism for the proposed tariffs, that they are not really working, but he insists that they are having an effect because trading partners sit down almost immediately after the tariffs are announced.

As an example, he cited Apple's decision to move its smartphone production to India, which he described as a US ally, rather than being dependent on China. "Given these processes, moving manufacturing to America will take time," Trump Jr. said, adding:

pulling away from China is the first step, the dependence is too high.

The American businessman also talked a lot about the advantages of the Eastern European region within the EU. He listed that they have a very good labour force, people here work very hard, labour costs are significantly lower, and people here have a high IQ per capita and can do a lot. "That is why this region can take over a lot of activities that we have done in China," he pointed out.

He also gave a real-life example of why it is important for the United States to find new economic allies. He mentioned BMW, which will make cars in a plant it is building, but across the street is China with its own electric battery manufacturing and supply company. "America needs to see these opportunities and take advantage of them," he said.

In response to a question, he also explained that as he is not a member of the Trump administration, he has no official influence on the re-signing of the expired double tax treaty between the United States and Hungary. But given the common sense policy of cooperation between the two countries, the trust between Donald Trump and Viktor Orbán, and the fact that they speak regularly, either on the phone or in person,

he can imagine that such an agreement on the tax issue could be reached quickly between the parties.

"Obviously the administration is busy with many other things right now, trying to get some major trade deals done. But I think, understanding my father, that those windows and doors are always open to get those things changed as quickly as possible," the American businessman explained.

In response to a question, Donald Trump Jr explained that he personally loves the world of cryptocurrencies.

"We're big believers. We're doing multiple projects now," he said, adding that "crypto is an incredible opportunity." Cryptocurrencies are ultimately a blockchain-backed financial platform. This will create a truly democratised financial market," he said. He added: "It's a tool that will help bring fairness to the financial markets,

essentially crypto is the next banking sector, so we will work to create an attractive environment for this in the US.

If there was one thing he could magically change, it would be war. "I want to bring peace back to the world," he said. He also added: "I want to see a strong and prosperous America, because it's not just for America's benefit, I don't think it's selfish. I think a strong and prosperous America is a strong and prosperous world."

Cover photo: Portfolio