Original author: Li Dan

Original source: Wall Street Journal

The financial information document released by the U.S. government this week for 2025 not only reveals that U.S. President Trump earned over $1 billion last year through cryptocurrency ventures, but also showcases for the first time the precise trading trajectory he followed during the most volatile periods of the U.S. stock market last year.

The report published by the U.S. Office of Government Ethics (OGE) spans 927 pages. Some American media outlets analyzing the report found that, before and after Trump announced global reciprocal tariffs, his investment account executed hundreds of stock trades over several days and concentrated on buying blue-chip stocks like Apple and Berkshire Hathaway just before the tariffs were postponed; months later, on the day the White House released the AI Action Plan, he significantly increased his holdings in AI leaders like Nvidia, Microsoft, and Amazon.

Despite the White House emphasizing that Trump himself does not engage in account trading, and that all securities investments are managed by independent financial advisors with the trust overseen by his son Donald Trump Jr., the timing of the trades coinciding with major policy announcements has raised further questions from U.S. ethics oversight bodies regarding potential conflicts of interest for the president.

Compared to last year's disclosure, which showed about 1,000 transactions, Trump's annual financial report this time publicly disclosed over 21,000 securities transactions for 2025, covering assets such as stocks, ETFs, and funds, allowing the market to observe Trump's investment behaviors around crucial policy nodes like tariffs, AI, and rare earths for the first time.

Trading Activity Highly Active Before and After Reciprocal Tariffs: Hundreds of Stocks Bought and Sold for Two Consecutive Days After Tariff Announcement

According to OGE's financial disclosures, American media reported that from April 3 to April 4, after Trump announced global reciprocal tariffs, his investment account executed hundreds of stock trades, continuously adjusting its positions during a significant market downturn.

A notable change in trading strategy followed.

On April 8, the day before Trump announced the suspension of most reciprocal tariffs, his account did not continue to sell stocks but instead purchased 327 stocks in one go, investing over $3.6 million, mainly increasing holdings in large blue-chip companies like Apple and Berkshire Hathaway.

On the morning of April 9, Eastern Time, Trump posted on his social media, stating: "Now is a great time to buy." That afternoon, the U.S. government announced a 90-day suspension of most reciprocal tariffs, leading to a historic rebound in the U.S. stock market, with the S&P 500 index recording one of its largest single-day gains since 2008.

Although the White House emphasized that Trump's stock trades are executed independently by investment advisors, the high correlation of timing has made these transactions a renewed focus for U.S. ethics oversight agencies.

Over 21,000 Transactions in a Year, Average Daily Transaction Amount Over $4.2 Million

American media statistics based on the OGE report found that for the entire year of 2025, Trump’s investment account completed over 21,000 transactions, with an average daily transaction amount of about $4.2 million, as the account conducted hundreds of trades almost every day.

Reports suggest that this trading model resembles tax optimization (tax-loss harvesting) or quantitative rebalancing strategies rather than traditional active timing trading.

However, since these trades were only fully disclosed in this financial report, Trump had previously only disclosed about 1,000 significant trades as required by law, meaning that his annual investment activities had largely not entered the public eye.

It is worth noting that due to some trades not being disclosed in a timely manner within the stipulated 45 days, Trump's financial report showed he paid a $200 late filing penalty.

Large Purchases of Nvidia, Microsoft, Apple on the Day of AI Strategy Announcement

Apart from tariff-related trades, another group of investments that captured market attention involved AI.

American media pointed out that on the day the White House released its AI Action Plan in July 2025, Trump's investment account performed one of the largest technology stock acquisitions of the year.

On that day, stocks purchased heavily by Trump’s account included: Nvidia (NVDA) for at least $1 million, Microsoft (MSFT) for at least $1 million, Apple (AAPL) for at least $1 million, Amazon (AMZN) for at least $1 million, Broadcom (AVGO) for at least $1 million; additionally, multiple accounts increased holdings in Google’s parent company Alphabet for at least $1 million.

The disclosed documents also show that Nvidia generated $2,501 to $5,000 in capital gains for Trump, while other stocks like Oracle, Qualcomm, and Thermo Fisher also recorded capital gains.

Investments in Intel and MP Materials Also Priced Right with Policy Trends

In addition to AI leaders, American media also noted that Trump’s account operations concerning the following two companies attracted market attention:

• Intel (INTC)

On August 18, 2025, Trump's account purchased at least $250,000 worth of Intel stock. A few days later, the U.S. government announced support for the company restructuring through acquiring about 10% of Intel shares. Following this, by the close this week, Intel's stock price has soared over 380% since late August last year.

• MP Materials (MP)

Early in Trump’s presidency, his account began buying shares of the U.S. rare earth company MP Materials. In eight transactions leading up to May 2025, the account purchased shares of this rare earth producer worth between $22,000 and $155,000. In July of the same year, the U.S. Department of Defense announced a $400 million investment in preferred shares of the company, which after exercising options would hold 15% ownership, becoming the largest shareholder, thereby helping to establish a domestic rare earth supply chain.

Financial disclosures show that Trump then sold part of his MP holdings, realizing capital gains between $100,000 and $1 million over the year.

White House Responds: The President Himself Does Not Engage in Trading

In response to external doubts, the White House reiterated: Trump himself does not manage the investment accounts, and all trades are the responsibility of independent financial advisors. Most of his assets have been placed in a trust managed by his eldest son, Donald Trump Jr.

White House spokesperson Anna Kelly stated: “The president and his family have never, and will never, engage in any conflict of interest behavior.”

However, ethics organizations believe that the president's investment account, which has not established a genuinely independent "blind trust," frequently engages in trading related stocks around the time major policies are announced, which still may undermine public trust in the independence of policy-making.

In fact, this is not the first time Trump's securities investments have prompted controversy. Last year's disclosed financial documents also indicated that his securities account held stocks of major technology companies like Apple, Microsoft, Nvidia, and Alphabet, and extensively allocated investments in the U.S. stock market through ETFs.

But the first complete trading records made public this year first linked these position changes with key time nodes related to tariff policies, AI strategies, and industrial support policies, making the relationship between Trump's personal wealth management and public policies a renewed focal point of attention in Washington.

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