Trump and Orban also discussed the war in Ukraine on Friday - their first formal meeting since Trump returned to power - including the possibility of holding talks with Putin.
"He [Orban] understands Putin and knows him very well... I think that Viktor feels we're going to get that war ended in the not-too-distant future", Trump said.
The Hungarian leader, meanwhile, claimed that only their two nations truly wanted peace in Ukraine.
"All the other governments prefer to continue the war because many of them think that Ukraine can win on the front line, which is a misunderstanding of the situation."
Trump asked him: "So you would say that Ukraine cannot win that war?" To which Orban replied: "You know, a miracle can happen."
Aside from the issue of oil and gas sanctions, Hungary's export-driven car industry has been hit by Trump's tariffs on European goods, adding to an already weak economy.
Despite frequent clashes with EU leaders over migration, democracy, and the rule of law, Trump urged Europe to "respect this leader very, very strongly because he's been right on immigration."
With additional reporting by Nick Thorpe