How power, policy and profit collide in Trump’s second term

How power, policy and profit collide in Trump’s second term

Since returning to the White House, Donald Trump has presided over something Washington has rarely seen: a presidency so closely intertwined with personal business interests that it is often difficult to tell where government policy ends and private profit begins. Over the past year, a dense network of deals, partnerships and policy shifts has enriched the president’s family and associates while raising sharp questions about conflicts of interest.

Unlike his first term, Trump did not agree to halt new international business ventures when he resumed office. Instead, his family and allies expanded aggressively into industries directly affected by federal decisions, from cryptocurrency and artificial intelligence to real estate, defence and advanced technology, the New York Times reported.

A crypto conversion with consequences

Once a vocal critic of cryptocurrency, Trump is now one of its most powerful advocates. His administration has rolled back regulations, softened enforcement and publicly promoted digital assets. Those moves have coincided with the rapid growth of the Trump family’s own crypto ventures, now among their most lucrative businesses.

One of those ventures, World Liberty Financial, was founded with Trump, his sons and his close ally Steve Witkoff. The company issues digital tokens that generate fees flowing to Trump- and Witkoff-linked entities. Trump has promoted these assets publicly, even offering exclusive access to top buyers, blurring the boundary between presidential influence and personal marketing.

Several crypto executives who have benefited from lighter regulatory scrutiny have also made large investments tied to Trump-branded tokens, reinforcing concerns that policy decisions may be rewarding financial allies.

Government policy, private upside

The overlap between public action and private benefit extends well beyond cryptocurrency. As the administration pushes to expand American leadership in artificial intelligence, major policy decisions are reshaping global markets for data centres and advanced chips.

US Commerce Secretary Howard Lutnick has encouraged foreign governments to invest in US AI infrastructure, while firms connected to his family help raise capital for those same projects. At the same time, senior officials have supported exporting powerful American-designed chips to foreign partners, even as those partners negotiate business deals with Trump- and Witkoff-linked companies.

A key example involves the United Arab Emirates, which secured access to advanced US chip technology while also striking a multibillion-dollar deal with World Liberty Financial. That arrangement is expected to generate millions in profits for the Trump and Witkoff families, drawing scrutiny from lawmakers concerned about national security and ethics.

Real estate and foreign ties

Real estate remains a cornerstone of the Trump empire. Though Trump no longer runs the Trump Organization, he continues to benefit financially from its global expansion. His sons have signed new branding deals across multiple continents, often involving firms backed by foreign governments or sovereign wealth funds.

In the Middle East, the family’s business ties intersect directly with diplomacy. The Trump Organization’s most important overseas partner maintains close links to the Saudi state, even as Trump engages in sensitive security discussions with Mohammed bin Salman, the kingdom’s de facto leader.

Meanwhile, Jared Kushner, the president’s son-in-law, continues to manage a private equity firm funded largely by Middle Eastern investors, further tightening the knot between U.S. foreign policy and family business interests.

Norms broken, guardrails thin

Trump has repeatedly noted that conflict-of-interest laws do not apply to the president. Some administration officials say they have divested assets or received ethics waivers, but critics argue those steps do little to address the scale of the entanglements.

Other powerful figures close to the administration, including Elon Musk, continue to benefit from regulatory decisions affecting companies that receive large government contracts.

Taken together, the network of relationships represents a sharp break from long-standing American norms. Past presidents have gone to great lengths to separate public service from personal enrichment. In Trump’s second term, that separation appears increasingly porous.

A presidency that profits

The president has made little effort to hide his comfort with the arrangement. As a Saudi-backed golf tournament opened at one of his properties earlier this year, Trump declared online that it was “a great time to get rich.”

For supporters, the deals reflect a businessman unashamed of success. For critics, they represent a presidency where access, influence and policy are woven tightly into a web of private gain — one that continues to grow.