Italians go to the polls on March 4 and Mr Salvini, who has formed a right-wing coalition with flamboyant former PM Silvio Berlusconi, said he was happy to push policies inspired by Mr Trump and Mr Orban.
He said: “Donald Trump and Viktor Orban are role models.”
In a nod to Mr Trump’s controversial America First agenda, Mr Salvini said he would introduce trade tariffs to protect Italian workers.
He said: “If Italians choose me, they will see tariffs to protect ‘Made in Italy’ while defending Italian workers and entrepreneurs.
“They are based on the model chosen by Donald Trump for imports of some Chinese products.
“If you want to fire people in Italy, produce below cost and then resell in Italy you have to pay 50 percent more taxes.”
His tariff policy was quickly dismissed by Minister of Development Carlo Calenda who tweeted he was awarding Mr Salvini “the prize for the most fatuous and unachievable proposal”.
Mr Salvini was also full of praise for Hungarian Prime Minister Mr Orban.
He said: “He is a role model because he builds walls in the heart of Europe to stop migrants, he defends borders, defends banks, defends the currency and stops immigration.
“If I have to choose a well-governed country, I choose that one.”
Mr Salvini also praised Russian leader Vladimir Putin and called for an end to EU sanctions imposed over Moscow’s intervention in Ukraine.
He said: “Sanctions have damaged Italy for 6 billion euros and we have lost thousands of jobs”.
It comes as former Italian Prime Minister Matteo Renzi, who is also among the frontrunners for election success, urged supporters to back him as the election nears.
In his latest post on Facebook he said: “Our team is the strongest. We have 35 days to win these elections.
“We have the strongest team, we have winning and convincing ideas, we have given back the country the chance to come out of a devastating crisis.
“Now, for 35 days, everyone is working to win the elections: knowing how to say thank you to our comrades, to our opponents, without controversy, open-mindedly, with the head and the heart”.
(Additional reporting by Maria Ortega.)