The U.S. Treasury Department is taking action for the termination of the 1979 income tax treaty with Hungary. While the U.S. has long had issues with the treaty, which is seen as no longer providing reciprocal benefits, the decision to terminate the treaty is reportedly due to Hungary's blocking of the global minimum tax in the EU. The U.S. must now send a formal notification to Hungary for the termination of the treaty. Further details will be published once available.