Trump’s Business Expansion: A Fresh Era of Presidential Profit?
For decades, U.S. Presidents have meticulously avoided even the appearance of personal gain. Harry Truman refused to lend his name to business ventures – even after leaving office. Richard Nixon went so far as to wiretap his brother’s phone, fearing exploitation of family connections. And George W. Bush sold all his stock holdings before taking office.
Donald Trump, however, is charting a different course.
The Trump Organization’s Global Push
The Trump Organization is experiencing its most rapid international expansion in nearly a century. The company is led by Trump’s sons, Eric and Donald Jr.
During Trump’s first term, the organization didn’t pursue any deals abroad. However, in the year and a half since the start of his second term, it has secured eight agreements, according to the Associated Press.
Deals in Qatar, Vietnam, and Saudi Arabia
These deals span countries including Qatar, Vietnam, and Saudi Arabia. The Trump Organization maintains it adheres to a self-imposed rule of not pursuing deals with foreign governments.
However, the agreement in Qatar – for the development of a Trump golf club and villa project – is with a company partially owned by the government. In Vietnam, The New York Times reports that authorities are displacing farmers from their land to make way for a Trump resort. And in Saudi Arabia, a planned “Trump Plaza” resort on the Red Sea is being built by a property developer closely linked to the country’s royal family.
Whether these deals have influenced U.S. Policy is difficult to determine, AP reports. However, the countries involved have secured several concessions from the U.S.: Qatar has gained access to advanced American technology, Vietnam has seen reduced tariffs, and Saudi Arabia has received fighter jets.
And the Trump Organization has earned tens of millions in fees.
The Crypto Connection
Another deal raising questions about conflicts of interest surfaced in a January article in The Wall Street Journal, a year after it was initially made.
Days before his inauguration, Trump’s family sold nearly half of their cryptocurrency business, World Liberty Financial, to a company with ties to the government of the United Arab Emirates for $500 million.
The WSJ likewise reported that another UAE company, a sovereign wealth fund, invested in the cryptocurrency exchange Binance using a digital token from World Liberty. This investment, worth $2 billion, allowed the Trump-affiliated company receiving the funds to invest safely and retain tens of millions in interest.
Shortly after, the Trump administration reversed a Biden-era restriction, granting the UAE access to American data chips.
World Liberty has denied any conflict of interest, stating the deal was unrelated to Trump’s data chip policy.
“Meme Coins” and Anonymous Transactions
World Liberty has also created a separate revenue stream for a new Trump-affiliated company through the sale of “governance tokens,” granting owners certain voting rights within the business. This generated $2 billion in revenue last year, from which the Trump family profits through their stake in World Liberty.
Among the buyers was Justin Sun, a cryptocurrency billionaire prohibited from making political donations in the U.S. Due to his foreign citizenship. He reportedly spent $75 million on the transaction. A federal lawsuit accusing Sun of defrauding investors was paused in February of last year, before a settlement was reached in March.
souvenir-like “meme coins” featuring Trump’s likeness were offered for sale days before his inauguration. These cryptocurrencies generated $320 million in revenue for Trump-affiliated companies in the following four months, according to Chainalysis.
Here’s more than double the revenue of Trump’s Washington hotel during his first presidency.
Unlike lobbyists or campaign donors, cryptocurrency purchasers can make transactions anonymously. Sun, however, publicly disclosed his purchase of the meme coins, gaining access to an exclusive gala hosted by Trump for the most enthusiastic buyers.
The White House Response
“Regardless of any limitations in the first term, they seem to have completely disappeared. Do we want future presidents to be ‘open’ to the highest bidder?” asks historian Timothy Naftali at Columbia University.
AP sought comment from the White House, receiving a response stating that Trump acts ethically. His children manage his finances, and he is not involved in family business dealings, according to the White House.
“There are no conflicts of interest,” said spokesperson Anna Kelly.
In a separate statement, the Trump Organization said it operates in full compliance with all applicable ethics and conflict of interest laws, adding:
“Implications that policy has enriched the Trump family are unfounded.”
In January, Trump told The New York Times that, regarding potential conflicts of interest, “I found out nobody cared.”
He cited an exemption presidents have from the law prohibiting federal officials from having financial interests in businesses affected by policies they help shape.
Forbes estimates Trump’s net worth at $6.3 billion, a 60 percent increase since he returned to office.
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