DON'S CONS

The Receipts — every card in the game, sourced

$36M in foreign licensing fees while in office

Yes, really. Here are the receipts.

What actually happened

Since late 2024, the Trump Organization earned over $36 million in foreign licensing fees from projects in Saudi Arabia, UAE, Qatar, Vietnam, and India - developments totaling over $20 billion, raising concerns about foreign influence.

The receipts

Trump's Foreign Licensing Business Grew 900% As He Returned To Power
Forbes

Dan Alexander traces how a licensing business that had withered grew roughly ninefold as its namesake returned to office, with no country paying more than the UAE. The deal signed one day before he announced his third campaign...

Gulf developers bring windfall to Trump family
The National

The newest ethics disclosure shows $38 million in Gulf licensing fees against at least $2.2 billion in total revenue — more than triple the prior year. Which developers paid the most, and for which towers and golf resorts...

Trump foreign property income is set to explode in his second term
CREW

The watchdog calls the disclosed sums the tip of the iceberg: they cover only two unopened properties, with tens of millions more projected. The deals struck while he was frontrunner, nominee, and president-elect...

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