During Trump’s second term, foreign money and U.S. policy often overlapped with his private business. Saudi Arabia’s sovereign fund backed LIV Golf events at Trump resorts and partnered with Trump-branded real estate projects, while his company expanded deals in places like Saudi Arabia and Oman. At the same time, Trump met with Saudi and golf leaders about investments, and his family promoted a crypto venture that drew big foreign buyers—even as the administration adopted crypto-friendly policies. Public filings show Trump kept earning large sums from overseas licensing and management fees while in office. Ethics experts and lawmakers warned these ties create serious conflicts of interest and make the U.S. vulnerable to foreign influence—concerns made worse after the White House weakened disclosure and oversight.
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- LIV Golf, financed by Saudi Arabia’s Public Investment Fund (PIF), staged a 2025 tournament at Trump National Doral on April 4–6, generating revenue for Trump’s resort. (apnews.com)
- PIF has poured billions into LIV Golf (approaching $5 billion by May 2025), underscoring that Saudi state money underwrites events hosted at Trump properties. (reuters.com)
- The Trump Organization expanded foreign licensing deals in 2025 with Saudi developer Dar Global, including a $1 billion “Trump Plaza” project in Jeddah, while Trump is president. (apnews.com)
- Trump-branded projects in Oman continue through AIDA, a joint venture involving Oman’s state tourism arm (Omran), tying his brand to a foreign government–backed development. (prnewswire.com)
- At the White House, Trump met with PGA Tour leaders and PIF governor Yasir Al-Rumayyan about a potential PIF investment in the PGA Tour while his resort hosted PIF-backed LIV events. (apnews.com)
- Ahead of a Middle East trip, the Trump Organization struck Gulf business deals, prompting conflict-of-interest concerns about policy and private profit moving in tandem. (ft.com)
- The Senate has characterized PIF’s U.S. sports push (including LIV) as an “influence operation,” underscoring national-security and policy-manipulation concerns around Saudi state investment. (cnbc.com)
- The Trump family’s World Liberty Financial (WLF) reported $550 million in token sales by March 2025. (cnbc.com)
- Chinese-born crypto mogul Justin Sun publicly invested at least $75 million in WLF tokens, illustrating large foreign financial stakes in a Trump-linked enterprise. (reuters.com)
- The administration simultaneously adopted pro-crypto policies, including an executive order establishing a U.S. strategic bitcoin reserve and bank guidance easing paths for crypto activities—moves that could benefit WLF’s ecosystem. (cnbc.com)
- Many top Trump officials also hold significant crypto interests, deepening perceived alignment between public policy and private crypto gains. (washingtonpost.com)
- Lawmakers asked regulators to probe whether Trump family crypto ties (and backers like Sun) received favorable treatment, citing conflicts of interest and potential undue influence. (banking.senate.gov)
- Trump’s 2025 public financial disclosure reported over $600 million in income for 2024, including licensing and management fees from foreign projects in places such as Dubai and Oman. (washingtonpost.com)
- Independent coverage of the same filing emphasized that these business incomes ultimately accrue to the president, underscoring ongoing conflicts while in office. (straitstimes.com)
- Reporting tied Trump’s largest 2024 licensing payments to Saudi developer Dar Al Arkan/Dar Global, reflecting significant revenue from a foreign partner. (mpamag.com)
¶ Ethics experts and watchdogs warned these arrangements enable foreign influence—and guardrails were weakened
- Ethics experts have said that payments tied to Saudi-funded LIV events at Trump courses would qualify as unconstitutional foreign emoluments to the president. (wsj.com)
- Congressional investigators have previously documented millions from foreign governments flowing to Trump businesses—underscoring the systemic risk of foreign enrichment that persists into his second term. (oversightdemocrats.house.gov)
- Trump removed the director of the Office of Government Ethics and the White House took down its public financial-disclosure portal early in 2025, weakening oversight and transparency that deter foreign manipulation. (politico.com)
- Senators demanded explanations for missing or delayed White House financial disclosures, warning that opacity exacerbates conflict-of-interest and foreign-influence risks. (schiff.senate.gov)