In the two months since his election victory, President-elect Donald Trump has utilized his social media platform, Truth Social, to market a variety of Trump-branded products. Among the offerings are limited-edition signature guitars, fragrances described as epitomizing “winning,” and watches. Recently, an $899 gold-plated inauguration edition joined the Trump watch collection, launched earlier this year. His sneaker line now features footwear adorned with a map of his electoral success.
These product promotions underscore the intricate link between Trump’s political persona and his business empire. However, with less than two weeks until his inauguration, Trump and the Trump Organization have yet to clarify how they plan to separate his multifaceted business interests—spanning real estate, golf resorts, licensing deals, and even cryptocurrency—from his presidential duties.
Recent filings with the Securities and Exchange Commission reveal that Trump has transferred his shares in Truth Social’s parent company into a longstanding trust, where he remains the sole beneficiary. His eldest son, Donald Trump Jr., acts as the trustee. Yet, ethics experts argue this measure falls short of the blind trusts and divestitures adopted by previous presidents to avoid conflicts of interest.
Notably, the Trump Organization appears poised to impose fewer restrictions on its business dealings compared to Trump’s first term. Eric Trump, who manages the company’s daily operations, has confirmed the company’s intent to pursue international ventures, abandoning a self-imposed ban on foreign deals from Trump’s earlier presidency.
Kedric Payne, senior director of ethics at the Campaign Legal Center, observed, “The marketing activity around Donald Trump’s return to the White House indicates that there is clearly a focus on monetizing the presidency.” He added, “The concern is that he will now use the presidency to benefit himself and his family beyond what is imaginable.”
Payne also noted that Trump, no longer seeking voter approval for another term, has minimal incentive to address potential conflicts of interest. “His supporters were well aware of the conflicts and did not view it as disqualifying,” Payne remarked.
Trump’s spokesperson, Karoline Leavitt, defended the president-elect, emphasizing his altruistic motivations. “President Trump removed himself from his multi-billion-dollar real estate empire to run for office and forewent his government salary, becoming the first President to actually lose net worth while serving in the White House,” she said. “Unlike most politicians, President Trump didn’t get into politics for profit—he’s fighting because he loves the people of this country and wants to make America great again.”
Despite such assertions, the president-elect’s transition team declined to elaborate on plans to address ethical concerns. Eric Trump and other company representatives did not respond to inquiries about their strategies for a potential second term.
Ethics challenges were evident at a recent Mar-a-Lago event. Eric Trump met with Hussain Sajwani, a UAE-based billionaire and longtime business associate. Shortly thereafter, Donald Trump announced Sajwani’s pledge to invest $20 billion in U.S. data center projects, while reiterating his intent to streamline federal permitting for major corporate initiatives. Eric Trump attended the announcement but remained in the background.
The Trump family’s business dealings extend beyond real estate. Recently, Eric Trump promoted World Liberty Financial, a cryptocurrency platform, at a conference in the UAE. Investors in the venture include cryptocurrency entrepreneur Justin Sun, accused of securities law violations by the SEC in 2023, though Sun has denied wrongdoing. Sun reportedly invested $30 million in the Trump family enterprise.
Trump’s business partners may benefit from his stated commitment to fostering a crypto-friendly administration. He has already named David Sacks, a close ally and donor, as the head of cryptocurrency policy in his upcoming administration. Steve Witkoff, another Trump business partner, was recently named Trump’s special envoy to the Middle East. At a Mar-a-Lago press conference, Witkoff referenced prior work with the Biden administration on a hostage deal involving Hamas and Israel.
Presidents are exempt from many conflict-of-interest laws that govern other federal officials, but previous presidents have taken steps to eliminate even the appearance of impropriety. For instance, George W. Bush sold his Texas Rangers baseball team stake before entering politics. When Trump first became president in 2016, he placed his assets in a trust but retained ownership, delegating management to his sons and a senior executive. Critics called this insufficient, as it failed to resolve potential conflicts.
Trump’s initial presidency included a self-imposed ban on new foreign deals. However, Eric Trump recently stated the company would pursue overseas opportunities, though it would not work directly with foreign governments.
Meanwhile, the Trump Organization continues to profit from his political brand. Trump’s recent campaign launched numerous products, including shoes, watches, coins, and NFTs, through licensing agreements. Limited information is available about these ventures, as many partners operate under opaque business entities. For example, efforts to trace the manufacturer of Trump’s luxury watches, including a $100,000 model, led only to a nondescript Wyoming office, a state known for lenient disclosure laws.
The Trump Store is already capitalizing on his anticipated return to power, selling memorabilia such as polo shirts, mugs, and glasses featuring “45” and “47” to mark Trump’s place in presidential history. However, questions remain about whether Trump will continue leveraging his presidential role to promote business ventures once inaugurated.
Critics argue that Trump’s dual focus on politics and profit represents a departure from precedent. Previous presidents, including Barack Obama and George W. Bush, avoided personal profit-driven endeavors during their tenures. In contrast, Trump’s entrepreneurial activities remain intertwined with his public office.
Ethics experts warn that Trump’s unique approach to blending politics and business could set new and potentially troubling precedents. “The blurred lines between Trump’s personal financial interests and his political decisions will inevitably raise questions,” Payne said.
For now, Trump has yet to address how he will separate his commercial pursuits from his official responsibilities, leaving watchdogs and voters uncertain about what lies ahead.