Hungary’s Prime Minister Viktor Orban has secured a sweeping economic deal with U.S. President Donald Trump, a move that signals a deepening alliance between two of the world’s most prominent nationalist leaders. The agreement, announced after a high-profile meeting at the White House on November 7, 2025, promises to shield Hungary’s economy from external threats and grants the country a critical exemption from U.S. sanctions on Russian oil and gas, according to reports from Al Jazeera and Benzinga.
Orban, who has long positioned himself as a maverick within the European Union, described the arrangement as a “financial shield” that would protect Hungary from economic attacks. In a video posted by the Hungarian outlet Index.hu, Orban stated, “Should there be any external attacks against Hungary or its financial system, the Americans gave their word that in such a case, they would defend Hungary’s financial stability.” He added confidently that Hungary would face “no financing problems” under the new pact, although he stopped short of explaining exactly how this shield would function in practice.
The deal comes at a time when Hungary’s economy is under significant strain. Since Russia’s full-scale invasion of Ukraine in 2022, Hungary has faced economic stagnation, with its currency—the forint—only recently showing signs of recovery, buoyed by high interest rates. Meanwhile, relations between Budapest and Brussels have soured, with the European Union freezing billions of euros in funding over concerns about what it calls Hungary’s democratic backsliding and corruption under Orban’s government. Critics have accused Orban of leveraging his relationship with Washington to sidestep EU pressure and secure new financial lifelines.
According to a White House official, the agreement goes beyond mere promises of support. It includes contracts worth roughly $600 million for Hungary to purchase U.S. liquefied natural gas, providing a tangible boost to the country’s energy security. The official also confirmed that Hungary has been granted a one-year exemption from U.S. sanctions on Russian oil and gas, a major concession that allows Budapest to continue importing energy through the TurkStream and Friendship pipelines.
During a joint press briefing, President Trump acknowledged the unique challenges facing Hungary, emphasizing its landlocked status and limited access to alternative energy sources. “It’s very difficult for him to get oil and gas from other areas,” Trump said, referring to Orban. He further noted that other European countries continue to buy Russian energy despite U.S. opposition, suggesting that Hungary’s situation is not unique. Trump’s remarks appeared to criticize broader European energy policy, pointing out the inconsistency of nations relying on American security guarantees while still doing business with Moscow.
Orban, for his part, hailed the arrangement as a breakthrough for Hungarian consumers. He claimed that Trump’s guarantees of “full sanction exemptions for the TurkStream and Friendship pipelines” would ensure Hungary could maintain “the lowest energy prices in Europe.” Hungarian Foreign Minister Péter Szijjártó echoed this sentiment, calling the deal “a major outcome” that would “guarantee Hungary’s energy security.”
The move, however, has not been without controversy. Within Hungary, opposition figures and critics of Orban have questioned whether the so-called financial shield is more symbolic than substantive, given the lack of detail about its actual mechanisms. Some see the agreement as part of Orban’s ongoing strategy to play powerful allies off each other, using his ties with both Washington and Moscow to extract concessions while resisting pressure from Brussels.
Internationally, the deal has further strained Hungary’s already tense relationship with the European Union. EU officials have repeatedly expressed frustration with Orban’s willingness to break ranks on key issues, from migration policy to energy sanctions. The latest exemption from U.S. sanctions is likely to fuel accusations that Hungary is undermining European solidarity in the face of Russian aggression.
Yet Orban appears undeterred by such criticism. “That Hungary or its currency could be attacked, or that the Hungarian budget could be put in a difficult situation, or that the Hungarian economy could be suffocated from the financing side, this should be forgotten,” he declared, according to Al Jazeera. The prime minister’s bold rhetoric underscores his determination to chart an independent course for Hungary, even if it means clashing with Brussels and cozying up to Washington.
The Hungary-U.S. deal is not the only example of Trump’s willingness to intervene in foreign economies. In a separate move that has drawn considerable backlash at home, Trump has extended support to Argentina’s far-right leader Javier Milei. The U.S. president pledged a $20 billion currency swap deal with Argentina’s central bank and promised to buy Argentinian pesos in an effort to stabilize the country’s collapsing economy. “Help a great philosophy take over a great country,” Trump said, referring to Milei’s libertarian economic agenda.
Argentina, like Hungary, is grappling with severe economic challenges. Since taking office in December 2023, Milei has made more than a dozen trips to the United States, including to attend Trump’s second inauguration. Despite these efforts, Argentina continues to battle soaring inflation, mounting debt, and dwindling currency reserves. In late September, Argentinian bond prices plunged as the central bank scrambled to stabilize the peso.
Trump’s intervention in Argentina has sparked bipartisan criticism in the United States. Senator Chuck Grassley (R-Iowa) voiced frustration over Argentina exporting soybeans to China soon after receiving the U.S. bailout, arguing that it weakened American farmers’ market share. Representative Marjorie Taylor Greene (R-Ga.) was even more scathing, calling Trump’s later $40 billion package “one of the grossest things I’ve ever seen” and “a punch in the gut” to U.S. cattle ranchers. Appearing on The Tucker Carlson Show, Greene attacked the bailout as a betrayal of “America First” principles.
These criticisms highlight the delicate balancing act facing Trump as he seeks to wield American economic power on the world stage. On the one hand, his deals with leaders like Orban and Milei showcase a willingness to support nationalist allies and challenge the traditional multilateral order. On the other, they risk alienating domestic constituencies and provoking accusations of hypocrisy or favoritism.
For Hungary, the immediate effects of the White House agreement remain to be seen. The country’s financial system, battered by years of economic uncertainty and political tension, now enjoys the promise of American backing and a crucial reprieve from energy sanctions. Whether this “financial shield” will prove robust enough to withstand future shocks—or simply serve as a political talking point—will become clear in the months ahead.
As Orban continues to navigate the choppy waters of European politics, his latest deal with Trump stands as a testament to the enduring power of personal diplomacy and the unpredictable dynamics shaping global alliances in 2025.
