Only 2 Projects During First Term, Now 12
US Democrats Criticize, Calling It "Favoritism"
"Overseas Projects Were Signed Before the Election," Trump Group Responds
The family business of Donald Trump, President of the United States, is expanding its overseas operations more actively than during his first administration.
On June 2 (local time), the Wall Street Journal (WSJ) reported that since President Trump’s victory in the November 2024 presidential election, the Trump family business, the Trump Organization (Trump Group), has announced a total of 12 overseas business projects. This far exceeds the two projects that were undertaken during the entire period of Trump’s first administration.
The Trump Group’s overseas expansion has been particularly prominent in the Middle East. In Qatar, a luxury villa resort project with a private beach is underway. In addition, World Liberty Financial (WLF), a virtual asset platform launched last September by Trump’s sons, Donald Trump Jr. and Eric Trump, recently received a $2 billion (approximately 2.8 trillion won) investment from a company backed by the United Arab Emirates (UAE) sovereign wealth fund.
After the launch of his second administration, President Trump chose the Middle East as the destination for his first overseas trip. At that time, he visited three countries in succession: Saudi Arabia, Qatar, and the UAE. The Trump Group is conducting business in all of these countries. The WSJ pointed out that while President Trump repeatedly emphasizes that he is bringing companies back to the United States, his own family business is expanding overseas operations more actively than ever before. In January, the Trump Group announced a code of ethics prohibiting direct transactions with foreign governments, and in practice, it does not engage in direct business with foreign governments. However, instead, it is entering into joint ventures with companies that have business relationships with foreign governments. In response, the Trump Group argued, "The contracts for the 12 overseas development projects were signed before November of last year."
The Trump Group is also focusing on business in India, in addition to the Middle East. Since the last presidential election, the Trump Group has expanded two real estate projects in partnership with Indian developer Tribeca and announced plans to launch three additional new projects under the Trump brand. Kalpesh Mehta, the founder of Tribeca, has maintained a close relationship with the Trump family since 2013. In an interview with local media, he mentioned that the increased optimism for growth following President Trump’s re-election is expected to energize the Trump real estate brand.
The Trump brand, combined with President Trump’s election victory, is prompting overseas partners to reach out even more actively. Eric Trump, the younger son who effectively leads the Trump Group, expressed confidence, stating, "We are now the hottest brand in the world."
However, foreign media pointed out that this business approach stands in stark contrast to the first Trump administration, which focused on operating existing businesses and reducing debt instead of expanding new ventures to avoid conflicts of interest. Senator Chris Murphy (Democrat, Connecticut) also criticized, "The reason these countries are giving Trump money is because they believe they will receive favors in return." In response, Anna Kelly, White House spokesperson, countered, "President Trump is working to secure good deals for the American people, not for himself."
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