Former President Donald Trump’s family business, under the leadership of his sons Eric and Donald Jr., has undertaken its most rapid international expansion in a century, completing eight foreign deals in just over a year of his second term. This expansion, encompassing real estate and new ventures like cryptocurrency and armed drone manufacturing, raises significant questions about potential conflicts of interest, according to Julian Zelizer, a presidential historian at Princeton University. “I don’t think there’s any line right now between policy decisions and political calculations and the interest of the Trump family,” Zelizer stated.
This recent surge in international activity contrasts sharply with the Trump Organization’s first presidential term, during which it pursued no new foreign agreements. The current deals, while ostensibly adhering to a self-imposed rule against direct business with foreign governments, involve entities closely tied to state power in authoritarian and one-party nations. These arrangements often coincide with favorable policy outcomes from the U.S. administration for the involved countries.
In Qatar, a Trump golf club and villa development is progressing with partial involvement from a company owned by the Qatari government. Vietnam saw its deputy prime minister approve a Trump resort project at a public ceremony, a deal that reportedly involved the displacement of local farmers, according to The New York Times. A planned “Trump Plaza” resort on Saudi Arabia’s Red Sea coast is under construction by a Saudi real estate developer with close ties to the ruling family.
While direct causation remains challenging to confirm, Qatar subsequently gained access to advanced U.S. technology, Vietnam received tariff relief, and Saudi Arabia secured fighter jets from the United States. The Trump Organization collected tens of millions of dollars in fees from these projects, though it maintains it has not conducted business directly with governments, describing its Saudi partner as private and its Qatari involvement as a “collaboration” rather than a “partnership.”
Beyond traditional real estate, the Trump family has ventured extensively into the cryptocurrency sector. A year after its initial striking, a deal involving the Trump family’s World Liberty Financial crypto business surfaced in a Wall Street Journal report this past January. Days before the president's inauguration, the family sold nearly half of this crypto venture to a UAE government-linked company, managed by a member of the UAE royal family, for $500 million.
A second UAE entity, a government fund, invested $2 billion in the offshore cryptocurrency exchange Binance, utilizing a stablecoin issued by World Liberty, which permitted the Trump company to invest the dollars in secure assets and retain millions in interest earnings. Following these financial movements, the Trump administration reversed a Biden-era restriction, granting the UAE access to advanced U.S. chips. Furthermore, Binance’s founder, Changpeng Zhao, received a pardon from President Trump, despite his guilty plea to charges of failing to prevent criminals from using his platform for activities linked to child sex abuse, drug trafficking, and terrorism.
Teresa Goody Guillen, a lawyer for Zhao, denied any connection between Binance’s business dealings with the Trump family and the pardon, stating, “Any claim of a quid pro quo by Binance or CZ, or preferential financial treatment by Binance, is a clear misstatement of the public record.” The White House, when questioned about the pardon, characterized federal actions against Zhao as “The Biden Administration’s war on crypto.” World Liberty dismissed the idea of a conflict, asserting no link between the UAE deal and the president’s chip policy. World Liberty also generated a distinct revenue stream for a new Trump limited liability corporation by selling “governance tokens,” which grant owners specific voting rights within the business but not equity. These sales raised $2 billion last year, providing hundreds of millions of dollars to the Trumps through their World Liberty ownership and a separate agreement for a share of these sales.
Justin Sun, a cryptocurrency billionaire and foreign citizen, who would be prohibited from making political donations in the U.S., spent $75 million on these tokens between Trump’s election and inauguration. A federal lawsuit accusing Sun of defrauding investors was paused in February last year, eventually settling last month for a $10 million fine. Additional “meme” coins, bearing President Trump’s image, went on sale just days before he took office last year.
Over the subsequent four months, these coins generated $320 million, with the majority directed to Trump-related entities, according to blockchain tracker Chainalysis. This figure more than doubles the revenue collected over four years from his Washington D.C. hotel during his first term. Unlike traditional political donors or lobbyists, purchasers of these coins can remain anonymous, though Justin Sun publicly spent $200 million on them and gained access to President Trump at a gala for major buyers.
Another family cryptocurrency business, American Bitcoin, went public in September, momentarily valuing Donald Jr. and Eric’s stakes at approximately $1 billion. This occurred months after their father announced a new national bitcoin reserve, which propelled the cryptocurrency’s price to a record high. The Trump businesses, however, have not been immune to the cryptocurrency market’s characteristic volatility.
Both American Bitcoin stock and the value of Trump’s souvenir meme coins have since experienced declines of 90% from their peak values. Last month, President Trump announced another dinner for major holders of his meme coins, which temporarily boosted the coin's value before it receded again. Historically, U.S. presidents have consistently avoided even the appearance of leveraging their office for personal financial gain.
Harry Truman declined to associate his name with any business, even after leaving office. Richard Nixon, concerned about a brother profiting from their connection, reportedly tapped his phone. George W.
Bush divested his individual stock holdings before assuming the presidency. President Trump, however, operates under a different philosophy, alluding to a presidential exemption from federal statutes that prohibit officials from holding financial interests in businesses affected by public policy they influence. In January, he told The New York Times that regarding potential conflicts, “I found out that nobody cared, and I’m allowed to.”
This approach contrasts with the views of government ethics experts and historians, who contend that the accumulating conflicts in his second term are blatant and pose a risk to democratic principles. Timothy Naftali, a historian at Columbia University, observed that “Whatever constraints there were in the first term appear to have completely disappeared.” The White House maintains that President Trump acts in an “ethically-sound manner” and that any contrary suggestion is “ill-informed or malicious.” Spokesperson Anna Kelly stated, “There are no conflicts of interest,” adding that his assets are in a trust managed by his children and he has “no involvement” in family business deals. The Trump Organization echoed this, asserting full compliance with ethics and conflict of interest laws and dismissing the idea that politics has enriched the family as “unfounded.”
Beyond these high-profile ventures, Donald Jr. and Eric Trump have invested in various companies seeking government contracts. Last month, they finalized a deal giving them stakes worth millions in an armed drone manufacturer. This company seeks contracts from the Pentagon and Gulf states, which are under Iranian attack and rely on the U.S. military, led by their father.
Other government contractors in which one or both brothers have acquired ownership stakes this past year, including a rocket motor maker, an AI chip supplier, and a data analytics company, are receiving tens of millions of dollars in new taxpayer money, according to government contracting records. Eric Trump expressed pride in these investments, stating, “I am incredibly proud to invest in companies I believe in.” A spokesperson for Donald Jr. argued that the idea he should cease making a living because his father is president is “laughable and ridiculous.”
A new investment firm, which the brothers joined as advisers last year, raised $345 million in an initial public offering specifically to acquire stakes in U.S. companies. The firm’s regulatory filing initially indicated it would target companies seeking federal grants, tax credits, and government contracts, aiming to help their father revive America's manufacturing base. After the Associated Press inquired about this language, Trump’s chief business lawyer filed a revised document with those specific references removed.
The public’s perception of these activities appears to be shifting. A Pew Research Center poll conducted in January indicated that 42% of Republican voters expressed confidence in President Trump acting ethically in office, a decrease from 55% at the start of his second term a year ago. Forbes estimates President Trump’s net worth now stands at $6.3 billion, a 60% increase since before he returned to office, a notable change considering the Trump Organization’s previous financial struggles.
The Trump International Hotel in Washington D.C., for instance, never generated a profit before its sale. condominiums have adopted the Trump name in his second term. Donald Jr., however, has opened a private club in Washington D.C.’s Georgetown section, charging initiation fees as high as $500,000 for founding members. This club, named “Executive Branch,” is situated in a building basement but offers a distinct appeal: proximity to political power.
Comparatively, the Yellowstone Club in Montana, with similar fees, provides access to multiple resorts, 50 ski trails, and over a dozen restaurants across an exclusive area the size of Manhattan. President Trump himself has become directly involved in hawking merchandise, including $59.99 “God Bless the USA” Bibles, $399 “Never Surrender” sneakers, and electric guitars priced up to $11,500 for a model autographed by the president. This direct sales approach underscores the family’s broad commercial activities during his time in office.
The momentum of these business dealings has continued unabated into the first months of his second year back in the White House. Key Takeaways: - The Trump Organization has pursued eight foreign deals in just over a year of President Trump’s second term, a significant increase from his first term. - These deals involve entities linked to foreign governments and have coincided with favorable U.S. policy actions towards those nations. - The Trump family has expanded into cryptocurrencies, selling stakes in World Liberty Financial and generating revenue from “meme” coins and governance tokens. and Eric Trump have acquired ownership stakes in defense and technology companies seeking U.S. - Public confidence in President Trump’s ethical conduct among Republican voters has declined, according to a recent Pew Research Center poll. Looking ahead, observers will be watching whether the pattern of business expansion and government policy alignment continues.
The Trump Organization announced its third deal involving Saudi Arabia in less than a year this past January, a “collaboration” with a company owned by the country’s sovereign wealth fund. As the drone company and other ventures involving the Trump sons pursue Pentagon contracts, the extent of government business awarded to these entities will remain under scrutiny. Julian Zelizer, the Princeton historian, suggested that while future presidents might exercise more restraint, the current situation demonstrates that “there is no price to be paid to making money,” raising concerns about precedents for leveraging public office for personal financial gain.
Key Takeaways
— - The Trump Organization has pursued eight foreign deals in just over a year of President Trump’s second term, a significant increase from his first term.
— - These deals involve entities linked to foreign governments and have coincided with favorable U.S. policy actions towards those nations.
— - The Trump family has expanded into cryptocurrencies, selling stakes in World Liberty Financial and generating revenue from “meme” coins and governance tokens.
— - Donald Jr. and Eric Trump have acquired ownership stakes in defense and technology companies seeking U.S. government contracts.
— - Public confidence in President Trump’s ethical conduct among Republican voters has declined, according to a recent Pew Research Center poll.
Source: AP News
