President Trump bought $461M-$1.4B in stocks during 2025 while launching tariffs and cutting taxes. The trades span Apple, Microsoft, and JPMorgan.
President Donald Trump purchased between $461 million and $1.4 billion in stocks during 2025, according to financial disclosure filings reviewed by multiple news outlets. The buying coincided with Trump's imposition of new tariffs on China, the European Union, and Mexico, as well as the signing of a broad tax-cut package that reduced corporate rates.
The disclosures, filed with the Office of Government Ethics, cover transactions executed through a revocable trust. The holdings span major U.S. indices, including the S&P 500, the Dow Jones Industrial Average, and the technology-heavy Nasdaq 100. Specific positions include Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), and JPMorgan Chase (JPM). Each purchase fell within the $1 million to $5 million range typical of the president's earlier trading patterns, according to trust documents.
The filing does not break out exact dollar figures; the $461 million-to-$1.4 billion range reflects the aggregate of transaction bands allowed under ethics rules. A trust manager executed the trades without Trump's prior knowledge, two people familiar with the arrangement said. The arrangement mirrors the blind-trust structure Trump used during his first term, though critics note that the trust is not legally blind because Trump can access its holdings at any time.
Trump has continued to grow his personal investment portfolio while holding the nation's highest office. The 2025 disclosures show his net worth rose roughly 12% year-over-year, driven in part by gains in his real estate holdings and his stake in Trump Media & Technology Group.
The purchases drew immediate criticism from ethics watchdogs. "A president actively trading stocks while making policy decisions that move markets is a conflict of interest by any standard," said Virginia Canter, chief ethics counsel at Citizens for Responsibility and Ethics in Washington. "The scale here is unprecedented."
White House press secretary Karoline Leavitt defended the trades. "The president's personal finances are managed entirely by a third party," she said in a statement. "He has no role in individual investment decisions."
The disclosure filings cover the period from Jan. 1 through Dec. 31, 2025. The next batch of filings is due in May 2026.
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