As U.S. President Donald Trump moves through his second term, concerns are mounting over conflicts of interest, self-enrichment, and foreign entanglements.
While Trump and his allies have repeatedly dismissed such claims as partisan attacks, a South investigation into the first six months of his presidency reveals a pattern of systemic monetization of the Oval Office.
The three-part video series Trump 2.0 explores how the presidency has been transformed into a personal enterprise—through pay-to-play policymaking, aggressive commercialization, and expanding financial ties with foreign governments.
Cabinet seats, policy favors, presidential access—for a price
Trump 2.0: Presidential power, priced and sold | EP①
In the weeks leading up to Trump's January 2025 inauguration, major tech companies were reportedly pressured into multimillion-dollar settlements. Elon Musk allegedly paid $10 million, while Meta agreed to pay $25 million—both linked to disputes over Trump's previously frozen Twitter and Facebook accounts after the January 6, 2021, Capitol attack.
These transactions signaled the beginning of what critics now call a "pay-to-play" presidency.
Donors to Trump's campaign and allied groups have secured cabinet or other administration roles.
Donors to Trump's campaign and allied political groups were later named to top government positions. Among them, Howard Lutnick, the billionaire CEO of Cantor Fitzgerald, a Wall Street firm with strong ties to the crypto platform Tether, was appointed Commerce Secretary.
"The Trump orbit has taken corruption to a whole new level," said Harvey Dzodin, a former legal adviser under U.S. President Jimmy Carter. "One corrupt leader like Trump can just say, as French King Louis XIV once did: 'The state is me.'"
Policy also came with a price. According to the Washington Post, Trump invited oil executives to Mar-a-Lago and asked them to contribute $1 billion to his campaign in exchange for rolling back environmental regulations. The administration delivered: sweeping deregulations were issued in the first week.
Access itself was monetized. At Mar-a-Lago, donors were offered seats at private dinners with the president for $1 million. One-on-one access reportedly reached $5 million.
Michael Johnston, an emeritus professor at Colgate University and a leading expert on political corruption, said the U.S. has long operated within what he calls "an influence market"—a situation where access and power are treated as commodities, bought, sold, or rented.
"In Trump's second term, that pattern has evolved into what I call 'official moguls' corruption.' That is the power of an individual," Johnston explained. "We're seeing the blurring of public and private interests, the erosion of checks and balances, and the dominance of personal loyalty. Being part of the Trump family—or simply favored by him—has real value."
From cryptocurrency to cologne: a presidency turned brand
Trump 2.0: The presidency as a franchise | EP②
Beyond selling access and policy, Trump has commercialized the presidency in ways unseen in modern U.S. history.
Just days before taking office, he launched $TRUMP Coin, a meme-based cryptocurrency that surged to over $14.5 billion in market value by January 19—the eve of his inauguration.
Entities tied to the project reportedly earned nearly $100 million in transaction fees. One of them, CIC Digital, is owned by Trump himself.
Top coin holders were offered exclusive perks, including White House tours and private dinners with the president.
"That, to me, was unethical," said Gene Rossi, former assistant U.S. attorney and federal prosecutor. "There's evidence that individuals who received pardons had first provided significant benefits to President Trump—whether through crypto or other financial channels."
Trump-branded consumer products—from sneakers and fragrances to Bibles and smartphones—have generated steady income for the president.
In 2024 alone, he earned at least $26 million from royalties, according to a Reuters calculation. That includes $1.3 million from the Greenwood Bible, $2.8 million from Trump Watches, and $2.5 million from fragrances and sneakers.
Trump's major propaganda tool, Truth Social, is owned by Trump Media & Technology Group, 53% of which is controlled by Trump himself. Unlike previous presidents who placed their assets in blind trusts to avoid conflicts of interest, Trump transferred his holdings to a revocable trust managed by his son, while remaining the sole beneficiary.
"Because his own family is running it," said Rossi, "it's hard to believe there isn't some level of coordination between President Trump and the trust. It doesn't pass the smell test."
Johnston sees Trump's actions as a dangerous shift. "People historically trusted presidents to use their power for the public good," he said. "In Trump's case, we see the erosion of those lines—between public and private, personal and official."
Foreign governments no longer just lobby—they invest
Trump 2.0: A presidency tied to foreign money | EP③
Trump's second term has brought a new level of openness to foreign business dealings.
In July, the president traveled to Scotland for what the White House called a "working visit," which included ribbon-cutting ceremonies at his own golf resorts, while simultaneously holding meetings with EU and UK officials on trade.
On a recent trip to the Middle East, Trump visited Saudi Arabia, Qatar, and the United Arab Emirates—all countries where the Trump Organization is actively developing new projects, including Trump Tower Jeddah, Trump Tower Dubai, and a luxury golf resort in Qatar.
Before departing on the trip, Trump publicly confirmed he would accept a $400 million luxury aircraft from the Qatari government for use as Air Force One.
Critics say that it violates the U.S. Constitution's Emoluments Clause, which prohibits federal officials from accepting gifts from foreign states without congressional approval.
"It's unethical," Rossi said. "That aircraft was originally going to the Department of Defense. After he leaves office, he gets to keep it."
Rossi warned that Qatar may be seeking leverage in other areas: "They do business with the U.S. on arms contracts, aircraft, even bombs."
Meanwhile, Trump's crypto ventures have also gone global. Abu Dhabi recently used a Trump-linked stablecoin for a $2 billion cross-border transaction—raising further concerns of quid pro quo.
Foreign governments are also paying millions in rent at Trump-owned properties, including Trump World Tower in New York.
"There is no pushback," Dzodin said. "The system is broken. It's corrupt."
A collapsing system—and widening immunity
In July 2024, the U.S. Supreme Court ruled that Trump enjoys partial immunity from criminal prosecution for actions taken while in office. The ruling grants full immunity for core presidential powers, presumptive immunity for official acts, and none for private conduct.
"It's one of the worst decisions ever issued by the Court," Rossi said. "And it gave Trump the green light to keep doing what he's doing."
Oversight has also withered. The Department of Justice—tasked with enforcing federal ethics laws—is now led by officials who previously served as Trump's personal attorneys.
"For the first time in history, the three top officials in the Department of Justice were once the president's private lawyers," Rossi said. "The attorney general cares more about pleasing her former client than upholding the Constitution."
Congress, with both chambers controlled by the GOP, has taken no meaningful steps to challenge Trump's growing power.
"What we're seeing," Johnston said, "is the rise of a constitutional theory called the 'unitary executive,' which concentrates power in the presidency and dismantles separation of powers."
"I'm 69," Rossi added. "I've never seen this under any other president."
What was once considered unthinkable—selling access, profiting from public office, accepting foreign gifts—has become routine.
"In Washington 50 years ago, accepting a cup of coffee from someone with a stake in your decision could cost you your job," Dzodin recalled. "Today, the Trump family's grift operates on an industrial scale—more akin to one of Elon Musk's gigafactories."
Planning | Yuan Zixiang
Reporter | Liu Xiaodi, Lin Ying (intern), Leng Zhixing (intern), Chen Sihan (intern), Tan Leer (intern)
Article | Liu Xiaodi
Video Editor | Deng Yingheng, Liang Zijian
Script | Liu Xiaodi
Camerawork | Liu Xiaodi
Visual design | Cai Junru, Lai Meiya, Li Wu (intern)
Cover | CFP
Editor | Yuan Zixiang, James, Shen He
