Donald Trump stock trades raise ethics concerns over Nvidia and defence contractors

Donald Trump’s stock trading drew fresh scrutiny after a federal ethics filing showed heavy activity early this year. The report listed more than 3,500 buy and sell transactions in the first three months. Many trades involved firms affected by decisions made by Trump as president. Recent US presidents avoided such trading to reduce conflict concerns.

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The federal Office of Government Ethics filing ran more than 100 pages. It suggested possibly more than USD 100 million moved through the account in three months. Trading occurred at an average of about 50 transactions each market day. The filing showed more buying than selling, yet exact totals stayed unclear. Each trade appeared only as a value range.

Donald Trump stock trading report shows rapid deal volume

Among the trades, the report listed as much as USD 6 million in Nvidia. Trump approved Nvidia’s advanced chips for sale to China last year. The portfolio also included Apple, Boeing and Tesla. The CEOs of all four companies accompanied Trump on his visit to China recently. The portfolio also included Intel, where the government took a 10 per cent stake last year.

The filing also showed purchases of defence-related firms linked to events around the Iran war. Those included Lockheed Martin, General Dynamics and Northrop Grumman. Critics said such holdings raised concerns when a president could influence contracts and military policy. Ethics officials also warned that knowing the holdings could shape choices on health policy, procurement, and war decisions.

Donald Trump stock trading raises ethics concerns and legal carveout

US law bars federal employees from owning assets affected by their official work. However, the president is exempt under a carveout. Richard Painter, a former White House ethics adviser under George W. Bush, criticised the situation. "If he were defence secretary, he would be committing a crime,\" Richard Painter said. \"Technically he can do this, but it is fundamental breach of trust.\"

A spokesperson for the Trump family business said Trump did not manage the choices. \"Neither President Trump, his family, nor The Trump Organization plays any role in selecting, directing, or approving specific investments,\" spokesperson Kimberly Benza said in a statement. \"They receive no advance notice of trading activity and provide no input regarding investment decisions or portfolio management.\"

Donald Trump stock trading differs from past presidents’ approach

Earlier presidents took steps to avoid even the appearance of conflicts. George HW Bush and Bill Clinton used blind trusts. George W. Bush sold individual stocks. Barack Obama used broadly diversified mutual funds. Joe Biden did not trade. By contrast, the report showed Trump traded frequently, despite the traditional view that such trading \"looked dirty\".

The report also suggested Trump’s market exposure may be rising compared with past years. Trump traditionally kept limited stock holdings relative to net worth. The story noted ballooning wealth and a large cash infusion. Since becoming president again, the Trump Organization took tens of millions in upfront fees from overseas developers. It also received hundreds of millions from mostly anonymous cryptocurrency sales.

Some trades involved consumer brands as well as major industrial firms. The portfolio recently added Shake Shack, Papa Johns and Cheesecake Factory. The broader pattern still centred on frequent trades in companies affected by government decisions. With the president’s exemption in law, the disclosures instead highlighted the ongoing trust and conflict questions around such activity.

With inputs from PTI