While EU leaders are still digesting the news of Donald Trump's stunning comeback, Hungarian Prime Minister Viktor Orban has hailed it as a "spectacular victory" and one of the "greatest comebacks in Western political history".

"Mar-a-Lago calling. Just had my first phone conversation with President @realDonaldTrump since the elections. We have big plans for the future," he tweeted.

Initial commentary from analysts suggests that Trump’s win could alleviate the political isolation of Orban, the first EU leader to openly endorse Trump in 2016 and in the last two campaigns as well. Trump’s victory is expected to boost his radical rightwing agenda and widen his diplomatic room for manoeuvre.

Some Fidesz supporters believe that the resurgence of right-wing forces in the US could have a domino effect in Europe, helping Eurosceptic, nativist movements gain traction.

On the domestic front, Trump’s victory couldn’t have come at a better time for Orban, as support for the ruling Fidesz party has waned since the scandal over a presidential pardon in a paedophile case. Recent polls show the new Tisza Party overtaking the ruling radical rightwing, a scenario Fidesz hasn’t faced in 18 years.

Since January, a steady rise has been noted in the number of Hungarians who feel the country is on the wrong path. A majority now favours a change in leadership, posing a serious challenge to Orban.

According to the political think tank Political Capital, the prime minister expects that a Trump presidency will reduce scrutiny of Hungary’s democratic backsliding, embolden populist movements across Europe, and help him retain influence in U.S. political affairs.

However, despite these potential political advantages, Trump’s economic policies could prove detrimental to Hungary's interests, economists warned. Concerns have been raised that his isolationist and protectionist measures could negatively impact Hungary’s export-dependent economy, particularly its automotive sector, which is already struggling amid a European demand slump. They argue that any hopes of Hungary receiving exemptions from such policies are unrealistic.

The forint hit a new two-year low on Wednesday morning, trading at 412 against the euro, with bond yields rising. Rising US bond yields could have a major impact on monetary policy, and some analysts even believe that the Hungarian National Bank could be forced to raise rates if the currency slide continues. 

The Hungarian premier followed election night from Bishkek, Kyrgyzstan, where he was attending the summit of the Organisation of Turkic States (OTS). Orban was awarded this year’s Supreme Order of the Turkic World by Kyrgyz President Sadyr Zhaparov.

At the OTS summit, Orban praised the Republican leader for overcoming significant challenges, from legal battles to media opposition, and viewed his win as a morale boost for those "who believe in will, struggle, and perseverance".

He expressed hope that Trump’s approach could shift the global balance towards peace efforts. He stated plans to strengthen US-Hungarian ties, anticipating that Trump’s administration will revive the "golden era", after the Republican leader's first victory.

At the summit, Orban called for a new EU strategy on Ukraine, questioning Europe’s ability to support Ukraine independently. He suggested that Thursday’s summit in Budapest, bringing together 47 European leaders, including Ukraine's President Volodymyr Zelenskyy, could address this issue.

One major topic is expected to be the €50bn loan package designated for Ukraine, which may require reassessment in light of potential shifts in US policy.

Hungarian Foreign Minister Peter Szijjarto also echoed Orban’s optimism, expressing hope that U.S.-Hungary relations could return to their high point from Trump’s first presidency. He cited shared views on peace, immigration, and family policy, suggesting these alignments offer the best chance for peace in Ukraine after nearly three years of conflict.

Hungarian opposition parties responded to the election outcome with mixed sentiments about its implications for Hungary and Europe. The leader of the Liberal Momentum party expressed scepticism, arguing that Trump’s expected economic policies could disrupt global trade and lead to greater instability.

Opposition leader Peter Magyar indicated that his party is prepared to work with the new U.S. administration. Recent polls show the new opposition force, established just six months ago, running neck-and-neck with Fidesz, with some polls even placing the Tisza Party in the lead.

Far-right party Our Homeland extended congratulations to Trump and called for US Ambassador David Pressman’s departure from Hungary.

Fidesz leaders couldn’t resist taking further jabs at the ambassador, who has been a frequent target of government-led media smear campaigns. "Goodbye, Mr. Pressman, we will miss you!" Fidesz faction leader Tamas Menczer wrote gleefully on social media.

At a press conference on Wednesday, Pressman criticised Orban’s actions, accusing him of treating the U.S. presidential election like a game of chance and irresponsibly risking U.S.-Hungarian relations. "Mr. Orban’s gamble has caused significant damage to our bilateral relations," Pressman stated, asserting that his approach threatens to transform a strong, multi-administration alliance into something fleeting.

Pressman noted that over the past eight months, eight U.S. senators, including six senior Republicans, had visited Hungary and sought meetings with the Hungarian government, but were repeatedly denied.