Trump urging business in the U.S., but family businesses go 'overseas' one after another

Although Donald Trump, the President of the United States, has repeatedly asserted that he is bringing companies back to America, The Wall Street Journal (WSJ) reported on the 2nd (local time) that, in reality, his family businesses are actively expanding their overseas operations.

Since President Trump's presidential victory in November 2024, the overseas business projects announced by the Trump Organization (hereafter referred to as Trump Group), the family-run business of the Trump family, total 12. This figure significantly surpasses the two projects undertaken during the entirety of the first Trump administration, the media pointed out.

The Trump Group's overseas expansion is particularly active in the Middle East. In Qatar, a luxury villa resort project with a private beach is underway. World Liberty Financial (WLF), a virtual asset platform launched last September by Trump's sons Donald Trump Jr. and Eric Trump, recently secured a $2 billion (about ₩2.8 trillion) investment from a company supported by a UAE sovereign wealth fund.

President Trump also chose the Middle East as the destination for his first official overseas trip after returning to office. He visited three countries in succession—Saudi Arabia, Qatar, and the UAE—where the Trump Group is currently conducting business in all of them.

In January, the Trump Group announced a code of ethics that fundamentally bans direct dealings with foreign governments, and thus does not engage in direct transactions with them. Instead, as WSJ pointed out, it undertakes joint ventures with companies that have relationships with foreign governments.

The Trump Group is also focusing on its business in India. After the last presidential election, it expanded two real estate projects in partnership with Indian real estate developer Tribeca, and announced plans to launch three new ‘Trump Brand’ projects.

Kalpesh Mehta, founder of Tribeca, met Donald Trump Jr. while studying under the same advisor at the Wharton School of the University of Pennsylvania. He has reportedly maintained a close relationship with the Trump family since 2013.

Eric Trump, the executive vice president and second son of the Trump Group, reportedly stated to WSJ, “We are now the hottest brand in the world,” expressing confidence.

Foreign partners who are drawn to the Trump brand are said to be making more proactive approaches.

The Trump Group mainly pursues a licensing business model, in which it does not invest capital directly but provides branding and management services in return for royalties.

From January 2023 to August 2024 (before the presidential election), the Trump Group earned a total profit of $9 million from six overseas licensing contracts.

This is in contrast to the first Trump administration, when the group refrained from expanding new businesses and focused only on managing existing operations and reducing debt, in order to avoid conflicts of interest, WSJ pointed out.

Senator Chris Murphy (Democrat, Connecticut) criticized, “These countries are giving money to Trump because they think they can receive special favors in return,” arguing that the Trump Group's overseas businesses represent a conflict of interest.

In response, White House spokesperson Anna Kelly said, “President Trump is working to close good deals for the benefit of the American people, not for himself.”

Reporter Geun-ah Park twilight1093@wowtv.co.kr