[Global Focus] Trump Faces Ongoing Conflict of Interest Controversies Over Business Dealings

Diplomatic Events at Trump Resorts and Golf Courses
Profiting from Virtual Assets... Sons Also Benefit
Checks and Balances Disappear... "This Is Not Normal"

Controversy continues to surround President Donald Trump over allegations that he is using his presidential office for personal gain. While there were multiple conflict of interest controversies during his first administration, critics now argue that in his second term he is even more blatantly using the White House to benefit his family financially.

According to Forbes, as of March, President Trump's assets were valued at $5.1 billion (approximately 7.05 trillion won). With the fervent support of his base, his return to politics through the 2024 presidential election has nearly doubled his wealth compared to two years ago.

Summit to be Held at Trump Resort... Overseas Trips at Trump Golf Courses

Bloomberg reported, citing sources, that President Trump plans to host next year's Group of 20 (G20) summit at his own resort in Doral, Florida. The United States is the host country for the G20 summit next year, and preliminary planning is underway. According to sources, while a final decision has not yet been made, President Trump is centering discussions around his resort.

Bloomberg commented, "If President Trump holds a summit at one of his resorts, it would be a remarkable example of how he mixes public duties and private business more than any modern former U.S. president." The White House did not respond to Bloomberg's request for comment.

This is not the first time President Trump has used his businesses for political or diplomatic purposes. He has met with foreign dignitaries several times at his Mar-a-Lago resort and New Jersey golf club. Mar-a-Lago, in particular, became famous after Elon Musk, CEO of Tesla, stayed there for an extended period following Trump's election; according to sources, the standard room rate is at least $2,000 per night. Mar-a-Lago also hosts paid dinner programs for businesspeople and investors. According to the British daily The Guardian, during his first term President Trump charged more than $10 million to the Secret Service for their stays at Mar-a-Lago.

From July 25 to 29, President Trump visited Scotland, meeting with UK Prime Minister Keir Starmer and European Commission President Ursula von der Leyen. However, from the day of his arrival, he visited his own Turnberry golf resort in Scotland and attended the opening ceremony of a new course.

This has led to criticism that he is using overseas trips, accompanied by numerous staff, security personnel, and reporters funded by U.S. taxpayers, to promote his own businesses. The White House dismissed claims of a conflict of interest, arguing that President Trump was able to appeal to voters because of his business success prior to entering politics. After taking office, President Trump handed over management of his companies to his children, and his assets are managed through a trust operated by them.

However, ethics groups continue to point out the potential for conflicts of interest. Jordan Libowitz, deputy director at Citizens for Responsibility and Ethics in Washington (CREW), said, "The Trump administration and President Trump's personal business are so intertwined that even he may not recognize the boundaries between the two," adding, "The White House seems almost like a division of the Trump Group." The Associated Press commented, "Despite concerns about the potential distortion of public policy, President Trump shows no intention of stopping the expansion of his overseas business for personal gain."

U.S. President Donald Trump attended the opening event of the Trump International Golf Links golf course near Aberdeen, Scotland, on July 29. Photo by AP Yonhap News

The President’s Pro-Crypto Stance... Conflict of Interest Spreads to the Trump Family

The issue extends beyond golf courses. Since the start of the Trump administration's second term, cryptocurrency policy has rapidly accelerated. President Trump, who previously took a critical stance toward Bitcoin and other cryptocurrencies, has abruptly branded himself as a pro-crypto president. According to the Washington Post, about 70 out of 300 senior Trump administration officials own or have invested in cryptocurrencies and blockchain companies. More than one-third of the cabinet holds cryptocurrency assets. President Trump reported holding $51 million in crypto assets, while Vice President JD Vance reported $250,000.

Additionally, according to the Office of Government Ethics (OGE), President Trump earned $57.35 million from tokens of World Liberty Financial (WLF), a crypto platform founded last September by his eldest son Donald Trump Jr. and second son Eric. He also holds WLF tokens worth $15.75 billion. This does not include profits from the meme coin '$TRUMP', which was launched just before his inauguration in January. According to a Reuters report in June, President Trump is estimated to have earned $320 million in fees from the launch of '$TRUMP'.

Beyond this, he has expanded his business to unprecedented levels by selling various merchandise such as sneakers, hats, and mugs, launching the 'Trump Mobile' telecom business, and branding his name on products such as Bibles.

The conflict of interest controversy is also spreading to the Trump family. President Trump's eldest son Donald Trump Jr. and second son Eric accompanied him on overseas trips, signing various real estate deals across the Middle East. Since the start of President Trump's second term, the Trump Organization, led by his sons, has launched real estate development and cryptocurrency businesses in Saudi Arabia, the United Arab Emirates (UAE), Qatar, and Vietnam. The eldest son also created an exclusive social club called the Executive Branch, with a membership fee of $500,000. Amazon Prime Video agreed to pay $40 million in licensing fees to produce a documentary about First Lady Melania Trump. None of these deals would have been possible without the value of the sitting president's name.

Oversight Mechanisms Disappear in U.S. Government, More Brazen in Second Term

President Trump has not only blurred the lines between public duties and private business recently. In his first term, in addition to billing the Secret Service for Mar-a-Lago stays, he visited the Turnberry golf course in 2018 while traveling to a summit with Russian President Vladimir Putin in Finland. In 2020, he attempted to host the Group of Seven (G7) summit at the Doral resort but withdrew after strong backlash and legal concerns. The summit was ultimately held virtually due to the COVID-19 pandemic.

The problem is that President Trump’s pursuit of personal gain has become even more blatant in his second term, while checks and balances on power are not functioning properly. According to CNN and others, President Trump dismissed the director of the Office of Government Ethics immediately after taking office and simultaneously fired inspectors general from more than 12 federal agencies. With anti-corruption safeguards gone, government agencies are now operating almost like branches of the Trump Group. For example, when allegations recently resurfaced about President Trump’s involvement in the Epstein scandal, the Department of Justice refused to release related documents, and the Office of the Director of National Intelligence (DNI) attempted to distract attention by raising new allegations about former President Barack Obama’s interference in the presidential election.

James Thurber, a political corruption expert and professor emeritus at American University, pointed out, "He is supposed to work for the public good as president. However, he is instead pursuing personal gain to increase his own wealth. This is not normal."