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On January 10, 2025, President Trump released an “ethics agreement” detailing how he would handle his personal business interests while in the White House. It is remarkably weak and does not require Trump to divest any of his holdings. Unlike a similar agreement for his first term, it does not prohibit the Trump Organization from striking new deals abroad while Trump is president. Instead, it simply prohibits the Trump Organization from striking deals directly with foreign governments.
Trump’s second-term ethics agreement is such a permissive document that it is challenging to find a way to violate it. But three months into his presidency, Trump has found a way.
Last Thursday, the Trump Organization struck a deal to build a $5.5 billion Trump International Golf Club in Qatar. To develop the project, the Trump Organization is partnering with Dar Global, a Saudi Arabian company, and Qatari Diar, a company owned by the Qatari government. Qatari Diar was established by Qatar’s sovereign wealth fund in 2005. Its stated purpose is to “coordinate the country’s real estate development priorities.”
Eric Trump, who runs the Trump Organization, said that the deal was only with the Saudi company and not Qatari Diar. “We have zero relationship with them,” he insisted in a statement.
That appears to be false.
Other recent presidents, including Joe Biden, Barack Obama, and George W. Bush, sought to eliminate even the appearance of financial conflicts.
“We are incredibly proud to expand the Trump brand into Qatar through this exceptional collaboration with Qatari Diar and Dar Global,” Eric Trump said in a press release. “Trump International Golf Club Simaisma and our luxury villa community will reflect our highest standards of quality, prestige, and timeless elegance.”
At the announcement of the deal, the president’s son appeared alongside Abdullah bin Hamad bin Abdullah Al Attiya, a Qatari government official and the Qatari Diar Chairman. As the deal was signed, he posed in front of a backdrop featuring the logos of the Trump Organization, Dar Global, and Qatari Diar.
Separately, the Trump Organization announced it was also partnering with Dar Global to build a new Trump International Hotel & Tower in Dubai. While Dar Global is not formally owned by the Saudi government, it “has close ties to the Saudi government.” The tower, slated to be completed in 2031, will feature the highest rooftop infinity pool in the world.
It will also be home to a private club called “The Trump,” which “brings together wellness, business, and the timeless atmosphere of a classic private club.”
Last week, another company owned by the Trump family, the crypto firm World Liberty Financial, announced it would be involved in a transaction involving a foreign government. Zach Witkoff, the co-founder of WLF, announced that MGX, a venture firm owned by the government of Abu Dhabi, would make a $2 billion investment in the crypto exchange Binance, using WLF’s embryonic stable coin, USD1. Stable coins are crypto assets pegged to traditional currency in an effort to avoid the volatility of other tokens.
There is no reason for MGX to finance the transaction with the little-used USD1, rather than cash or a more established stable coin, other than the desire by MGX and Binance to ingratiate themselves with the Trump family. MGX is chaired by Sheikh Tahnoon Bin Zayed Al Nahyan, who met with President Trump at the White House in March. Binance has been subject to oversight by the federal government after admitting in 2023 to violating money laundering laws.
The flurry of deals comes just days before Trump is scheduled to travel to the region. In a trip scheduled for May 13-16, Trump will visit Saudi Arabia, Qatar, and the United Arab Emirates.
The exact financial arrangements, including the direct financial benefit to President Trump, remain opaque. But discussions of trade, military assistance, and other issues are now inextricably entwined with Trump’s private real estate investments. Trump is openly leveraging his position as president to enhance his personal finances.
This is not normal.
Previous Republican and Democratic presidents, including Joe Biden, Barack Obama, and George W. Bush, sought to eliminate even the appearance of conflicts. Biden and Obama divested of all assets except for cash and diversified mutual funds. Bush placed his assets into a qualified blind trust, which means investment decisions were made without his knowledge or input. They did not enter into new business ventures while in the White House—much less a new venture directly with foreign governments.
Trump has imposed high tariffs on nearly every country, including 145 percent on China, as part of a strategy to force businesses to invest domestically. “Remember, there are no tariffs if you build your product here,” Trump said Sunday on Meet The Press. “It’s very easy. It’s very simple.” Trump also insisted that American consumers should be willing to pay more for some items, or forgo purchases completely, to support this effort. “I’m just saying [American children] don’t need to have 30 dolls. They can have three,” Trump said. “They don’t need to have 250 pencils. They can have five.”
But Trump’s own company, the Trump Organization, is not investing in projects in the United States. Since his inauguration, the Trump Organization has announced new developments in the UAE, Qatar, India and Vietnam. But none in the United States.
This post has been syndicated from Mother Jones, where it was published under this address.