Trump family business ties raise conflict of interest concerns

The New York newspaper describes a long series of deals carried out by the president's two sons, Eric and Donald Jr., which raise questions about potential conflicts of interest and from which the president financially benefits.

"In the past 10 days, Donald Trump Jr. visited Hungary, Romania, Serbia, and Bulgaria on a paid speaking tour he called "Trump Business Vision 2025," which also included meetings with foreign leaders and political candidates. At the same time, Eric Trump was traveling between Qatar, the United Arab Emirates, and other locations in the Middle East to promote family plans concerning real estate and cryptocurrencies," writes the newspaper.

Among the initiatives undertaken during their travels was Donald Jr.'s participation in a meeting with the owner of the Bulgarian cryptocurrency platform Nexo, which announced its return to the American market after being excluded in 2023 for violating securities law.

In Serbia, where the Trump family is building a new hotel on state-owned land, Trump Jr. met with the country's president, Aleksandar Vučić. At the same time, Eric Trump was engaged in discussions about building a hotel in Dubai, an apartment building in Jeddah, Saudi Arabia, and a golf course in Qatar.

All three countries were chosen by President Trump as the destination for his first foreign trip in the second term. The "New York Times" notes that entities related to the governments of these countries are involved in the investments.

The Trump family's involvement in cryptocurrency business also raises controversy. During the election campaign, Trump announced his cryptocurrency company, World Liberty Financial, and after winning the election, but before taking office, he also issued a cryptocurrency (known as a memecoin) $Trump.

As reported by the "NYT," Zach Witkoff, the son of the special envoy for the Middle East and one of the founders of World Liberty Financial, announced that a fund supported by the government of the United Arab Emirates will invest $2 billion (2.76 billion CAD) using Trump's cryptocurrency, which could translate into hundreds of millions in revenue for the president's family.

Trump Sr. is organising a special gala for 220 top buyers of his meme coin, giving investors the opportunity to influence the president's decisions. The newspaper cites the example of the head of a logistics firm registered in Mexico, Fr8Tech, who invested $20 million (27.63 million CAD) in Trump's cryptocurrency and described it as an effective way to promote fair, sustainable, and free trade between Mexico and the United States.

The Trump and Witkoff sons also established a new private club in Washington called "Executive Branch", intended as a meeting place for members of the ruling elite and business. Among the club's founders are cryptocurrency investors, brothers Tyler and Cameron Winklevoss, who were under investigation by the Securities and Exchange Commission (SEC), but the investigation was dropped after Trump took office. At the club's inaugural event, the new head of the SEC, Paul Atkins, and Attorney General Pam Bondi were present.

The White House and Trump's sons, however, reject suggestions that their activities could pose a conflict of interest for the president. The White House explains that this is not possible because the management of Trump's assets and company has been transferred to his sons. Trump Jr. stated, on the other hand, that he cannot be expected to "lock myself in a padded room while my father is president and cease doing what I’ve been doing for over 25 years to earn a living and provide for my five children."

"However, if I did do that, I guess I could always take up painting, which I hear can be quite lucrative," added Donald Trump Jr. This was an allusion to ethical controversies related to the purchase by an anonymous buyer of paintings by President Biden's son, Hunter. Critics claimed that the transaction could have been a covert attempt to corrupt the president.