Trump's "Presidential Money Printing Machine": Two Terms, Countless Billions Attracted

When Trump flies to the UK at the end of July to meet with British Prime Minister Starmer and European Commission President von der Leyen, the US President will actually play the role of host: the meeting will be held at his Trump Turnberry golf course on the southwest coast of Scotland.

During what the White House calls a "working trip," Trump blends trade negotiations and discussions on the Ukraine and Gaza conflicts 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 to Turnberry after purchasing it in 2014.

On the last day of his trip to Scotland, Trump flew with Starmer to Aberdeen, where he inaugurated a new golf course at a Trump resort. At the ribbon-cutting ceremony, flanked by his two sons who run his business empire, Trump said of the course: "I hope everyone in Scotland and beyond will enjoy it for many years to come."

This trip, which reportedly cost US taxpayers millions of dollars in transportation, security, and accommodation at Trump-owned properties, exemplifies how the Trump family business has benefited from his presidency.

Critics say that Trump's business dealings incentivize the president to align his policies in areas such as foreign affairs and tech regulation with his own economic interests. According to the Bloomberg Billionaires Index, his net worth is $6.4 billion.

In addition, Trump has fired officials who might have raised objections, including the head of the Office of Government Ethics and many federal inspectors general who serve as internal watchdogs within agencies.

However, White House Press Secretary Levitt said in a statement, "The media's continued attempts to fabricate conflicts of interest are irresponsible and exacerbate public distrust in what they read. The President and his family have never, and will never, engage in any conflicts of interest."

Both Player and Referee?

At the start of both his terms, Trump broke with the precedent followed by every other president since 1978 by refusing to divest his assets or transfer his holdings to a blind trust approved by the Office of Government Ethics. Such trusts are managed by independent trustees who do not disclose their management to the beneficiaries.

Trump's vast business empire was placed in a trust, but not a blind trust; it is managed by his sons Donald Trump Jr. and Eric Trump.

Since Trump returned to the White House, the Trump Organization, overseen by his children, has reaped millions of dollars in profits from cryptocurrency and has also entered into overseas real estate deals with companies owned or linked to foreign governments.

Trump himself has also promoted his own meme coin and used his social media platform as his preferred "megaphone."

During his first term, Trump promised that his businesses would not seek any new foreign deals while he was in office. This time, his ban only extends to deals made directly with foreign governments and does not prohibit new overseas projects with foreign companies.

The Trump Organization has already struck new property deals in the Middle East and Asia, developing branded hotels, residences, golf, and commercial real estate, while Trump is negotiating agreements with host country 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 both worked with state-owned enterprises on development projects in the region before and after Trump took office.

Trump also has financial interests in various cryptocurrency projects. He has a licensing agreement with Fight Fight Fight LLC, which began selling his Trump meme coin on January 17, just days before his inauguration. On its first full day of trading, the coin's market cap exceeded $27 billion.

According to the latter's website, Trump's CIC Digital LLC, which handles his NFT licensing fees, shares 80% of the meme coin with Fight Fight Fight LLC.

World Liberty Financial, founded by Trump and all three of his sons, promotes the USD1 stablecoin. In May, it announced that Abu Dhabi-based investment fund MGX had chosen USD1 to complete a $2 billion investment in crypto exchange Binance, and Trump will also benefit from those token sales.

According to crypto intelligence firm Inca Digital, in a move to boost the price and sales of his meme coin, Trump attended a dinner in May organized by Fight Fight Fight for its 220 largest holders, who collectively spent $148 million on the meme coin to qualify for the event. However, just hours after the dinner at his Trump National Golf Club in the Washington area, the coin's price began to fall.

When asked about the dinner, Levitt said at the time: "Anyone suggesting that the President is profiting from his presidency is absurd."

Critics Worry: Trump's Business Interests Will Outweigh National Interests

Even as Trump leads the federal government, his family business is actively striking deals or engaging directly with entities affected by his administration's decisions.

Critics say that by doing business with the Trump Organization, entities may gain a channel to influence US policy—raising concerns that President Trump, when making decisions, will weigh what benefits Trump the businessman. US presidents are exempt from the US ethics law that requires government officials to divest assets to prevent potential conflicts of interest.

Some foreign companies, partly backed by their governments or sovereign wealth funds, are seeking deals with Trump's company while their national leaders have pressing diplomatic, military, and commercial interests requiring US attention.

The Trump Organization is pursuing international projects: a joint venture with Oman government-owned Omran Group to develop a $500 million resort and golf club, first announced in 2024; an April agreement with Dar Global and Qatari Diar Real Estate Investment Company, ultimately owned by Qatar's sovereign wealth fund, to develop a branded golf club and resort near Doha, Qatar's capital; and two real estate projects planned in Riyadh, Saudi Arabia, plus one in Jeddah.

Before Trump's May trip to the Middle East, the Trump Organization publicly announced new Middle East projects, such as the deal with Qatar, and touted earlier projects, such as the one with Oman.

After raising tariffs on Vietnamese imports in April, his administration negotiated a new trade agreement with Vietnam, while the Trump Organization also struck deals in the country. It sought and received local government approval in mid-May for a $1.5 billion resort project in Hung Yen Province, and Eric Trump visited Ho Chi Minh City that month to discuss building a skyscraper with local officials.

Cryptocurrency projects have opened another avenue for investing in Trump. Freight Technologies, Inc., a transportation logistics company, purchased $20 million worth of his meme coin and stated in a press release that the purchase would allow it to diversify its crypto holdings and provide "an effective way to advocate for fair, balanced, and free trade between Mexico and the United States."

Can Trump Be Effectively Supervised?

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 did not appoint a Senate-confirmed replacement to lead the agency, instead assigning a "trusted insider"—US Trade Representative Greer—to manage it temporarily.

The White House also fired more than a dozen inspectors general, citing "changing priorities," whose duties include investigating federal officials' misconduct. The head of the Office of Special Counsel, responsible for protecting whistleblowers, was also removed. Trump has appointed close allies to top posts at the FBI and Department of Justice, the two agencies responsible for prosecuting violations of conflict of interest laws.

Trump has yet to issue an executive order outlining his administration's ethical standards or set restrictions on lobbying by his administration's staff after they leave office. For decades, most presidents have issued their own ethical guidelines, and Trump did so during 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 secure business deals. He said FCPA cases hurt the competitiveness of US companies overseas.

What Conflict of Interest Rules Apply to the US President?

Federal ethics law does not require Trump to divest his assets, but since the law was passed in 1978, every other president has voluntarily divested their property. The US president is also exempt from a rule that prohibits federal officials from using their office for personal gain, including endorsing products, services, or commercial enterprises.

The US has criminal statutes prohibiting bribery; however, in July 2024, the Supreme Court ruled that the US president has immunity from prosecution for official acts.

If members of Congress accuse Trump of breaking the law, they can attempt to remove him through impeachment. But this requires a majority vote in the House to initiate a trial and a two-thirds vote in the Senate to convict, but Trump's Republican Party controls both chambers of Congress.

Why Is There No Major Public Protest?

Compared to Trump's second term, his critics made more noise about alleged corruption during his first term, even though the potential conflicts of interest are now much greater.

In his second term, Trump has moved quickly on multiple fronts, targeting immigration, law firms, independent government agencies, USAID, the Department of Education, universities, and US trade partners. This has forced his opponents to pick their battles selectively.