Trump as President and Host: Blurring Lines Between Politics and Profit
When Trump flew to the UK in late July to meet with British Prime Minister Starmer and European Commission President von der Leyen, the US President played host at his Trump Turnberry resort and golf course in Scotland. This event was a stark example of how Trump could blur the lines between his official duties and his business interests.
During what the White House called a 'working trip,' Trump integrated trade negotiations and discussions about the conflict in Ukraine and Gaza with promotion of his own business ventures. At a joint press conference with Starmer on July 28, Trump spoke at length about the lavish renovations he made at Turnberry after buying it in 2014. On the final day of his Scottish trip, Trump and Starmer flew together to Aberdeen, where he unveiled a new golf course at a Trump resort. At the ribbon-cutting ceremony, Trump, flanked by his two sons who are running his business empire, said of the course: 'I hope everybody in Scotland and beyond will enjoy it for many years to come.'
A Costly Trip for Taxpayers
The trip, estimated to have cost US taxpayers millions of dollars in transportation, security and accommodation at Trump properties, exemplified how Trump's family business has benefited from his presidential position. Critics argue that Trump's business deals incentivize the President to make policies in areas such as foreign affairs and technology regulation that align with his own economic interests. According to the Bloomberg Billionaires Index, his net worth is $6.4 billion.
Firing Dissenting Officials
Furthermore, Trump has fired officials who might object, including the head of the Office of Government Ethics and numerous federal Inspectors General who serve as internal watchdogs for agencies. However, White House press secretary Leavitt said in a statement: 'The media's continued attempts to fabricate conflicts of interest are irresponsible and further fuel the public's distrust of what they read, the President and his family have never, and would never, engage in any conflict of interest.'
Athlete and Referee?
At the start of both of his terms, Trump broke with the precedent followed by every other president since 1978, refusing to divest his assets or place his holdings in a blind trust approved by the Office of Government Ethics. Such trusts are managed by independent trustees who do not disclose to the beneficiary how they are being managed.
Sons Manage the Empire
Trump’s vast business empire was placed in a trust, but not a blind trust. It is run by his sons Donald Trump Jr. and Eric Trump. Since Trump’s return to the White House, the Trump Organization, overseen by his children, has reaped millions of dollars from cryptocurrencies, and it has struck overseas real estate deals with companies owned or tied to foreign governments. Trump himself has promoted his own meme coin and used his social platforms as his preferred 'megaphone.' During his first term, Trump promised that his company would not seek any new foreign deals while he was in office. This time, his ban extends only to direct deals with foreign governments, it does not prohibit new overseas projects with foreign companies.
New Deals in the Middle East and Asia
The Trump Organization has struck deals for new properties in the Middle East and Asia, developing branded hotels, residences, golf and commercial properties, while Trump negotiates agreements with host governments on matters including tariff rates and sharing advanced artificial intelligence technology. The Trump Organization and its Middle Eastern partner, Saudi Arabian company Dar Global, have partnered with state-owned enterprises in the region to pursue development projects both before and since Trump took office.
Cryptocurrencies and Economic Interests
Trump also has economic interests in multiple cryptocurrency projects. He has a licensing agreement with Fight Fight Fight LLC, which began selling his meme coin on January 17, days before his inauguration. The coin surpassed $27 billion in market capitalization on its first full day of trading. According to the latter’s website, Trump’s CIC Digital LLC, which processes its non-fungible token (NFT) licensing fees, shares 80% of the meme coin with Fight Fight Fight. World Liberty Financial, founded by Trump and all three of his sons, promotes the USD1 stablecoin. It announced in May that Abu Dhabi-based investment fund MGX has selected USD1 to complete a $2 billion investment in cryptocurrency exchange Binance, Trump will also profit from those token sales.
Dinner Party for Crypto Holders
In a move to boost the price and sales of his meme coin, Trump in May attended a dinner party organized by Fight Fight Fight for its top 220 holders, who spent a total of $148 million to purchase the coin to qualify for the event, according to crypto intelligence firm Inca Digital. However, hours after the dinner party held at the Trump National Golf Club in Washington, its price began to fall. When asked about the dinner party, Leavitt said at the time: 'Anyone suggesting that the President is profiting off his presidency is absurd.'
Concerns About Business Interests Over National Interests
Even as Trump has been at the helm of the federal government, his family business has actively been transacting or locking horns with entities affected by his administration’s decisions. Critics argue that by doing business with the Trump Organization, entities may gain a channel to influence American policy – raising concerns that Trump as president will weigh what is in the interest of Trump as businessman. The US President is exempt from the American ethics law requiring government officials to divest assets to prevent potential conflicts of interest.
Foreign Companies and Their Interests in America
Some foreign companies, partly funded by governments or their sovereign wealth funds, are seeking to strike deals with the Trump Organization, while their nations' leaders also have pressing diplomatic, military and commercial interests that need to be addressed by the US. The Trump Organization is undertaking international projects: a joint venture with the Omani government-owned Omran Group to develop a $500 million resort and golf club, first announced in 2024; an agreement in April with Dar Global and Qatari Diar Real Estate Investment Company, ultimately owned by the Qatari sovereign wealth fund, to develop a branded golf course and resort near Qatar’s capital Doha; and plans for two real estate projects in Saudi Arabia’s capital Riyadh and one in Jeddah. The Trump Organization publicly announced new Middle Eastern projects ahead of Trump’s Middle East trip in May, such as a deal with Qatar, and touted earlier projects, such as a project with Oman.
Deals in Vietnam and Raising Tariffs
After Trump in April raised tariff rates on imports from Vietnam, his administration negotiated a new trade agreement with Vietnam, while the Trump Organization was striking deals in the country. It sought local government approval for a $1.5 billion resort project in the country’s Hung Yen province, and received the approval in mid-May. Eric Trump visited Ho Chi Minh City that month for talks with local officials on building a skyscraper.
Cryptocurrencies as a Path to Invest in Trump
Cryptocurrency projects have opened another avenue to invest in Trump. Transportation logistics firm Freight Technologies, Inc. purchased $20 million of his meme coin, and said in a press release that the purchase would allow it to diversify its cryptocurrency holdings and provide it 'an effective way to advocate for fair, balanced and free trade between Mexico and the United States.'
Effective Oversight of Trump?
In February this year, Trump fired the head of the Office of Government Ethics, the agency responsible for ensuring compliance with disclosure and conflict of interest laws. Trump has not appointed a replacement who needs Senate confirmation to head the agency, but rather appointed an 'insider' to administer it on an interim basis – US Trade Representative Grier. The White House has also fired more than a dozen Inspectors General 'due to a change of priorities,' whose duties include investigating misconduct by federal officials. The head of the Office of Special Counsel, responsible for protecting whistleblowers, has also been axed. Trump has appointed close allies to top positions at the FBI and the Department of Justice, the two administrations responsible for prosecuting violations of conflict of interest laws.
Lack of Ethical Standards
Trump has not issued an executive order to elaborate on the standards of ethical conduct for his government, or to set limits on lobbying activities by his government staff after they leave office. For decades, most presidents have issued their own ethics guidelines, Trump did so in his first term. In February, Trump suspended enforcement of the Foreign Corrupt Practices Act (FCPA), which makes it illegal for US companies to bribe foreign officials to obtain business deals. He said FCPA cases harm the ability of US companies to compete overseas.
Conflict of Interest Rules Applying to the US President
Federal ethics law does not require Trump to divest his assets, but every other president since the law was passed in 1978 has voluntarily done so. The US President is also exempt from a provision prohibiting federal officials from using their public office for personal gain, including endorsing products, services or business ventures. The US has criminal statutes prohibiting bribery, however, the Supreme Court ruled in July 2024 that the US President enjoys immunity from prosecution for his official actions. If members of Congress accuse Trump of breaking the law, they can try to remove him through impeachment proceedings. But that requires a majority vote in the House to initiate a trial, and a two-thirds majority in the Senate to convict, his Republicans control both chambers.
Why No Big Public Protests?
Compared with Trump’s second term, his critics made more noise about alleged corruption in his first term, though the potential conflicts of interest are far greater now. In his second term, Trump has moved quickly on several fronts, with his actions targeting issues such as immigration, law firms, independent government agencies, the US Agency for International Development, the Department of Education, universities, and the US’s trading partners. This has forced his opponents to choose their battles selectively.
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