President Donald Trump’s holding company took a $2 million payment last year from a top investor in a South Korean aluminum firm as the company was fighting a trade case before Trump’s Commerce Department, highlighting the president’s business ties to companies with business before his administration.
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The payment from Base Co. LTD was part of a “letter of intent” and a “nonrefundable development fee,” according to the president’s latest financial disclosure. The New York Times first reported the transaction.
Base Group is a key shareholder in Korea Aluminium, one of several companies that the Commerce Department has accused of circumventing duties imposed on Chinese aluminum. The company has also had a years-long business relationship with the Trump family business, selling Trump-branded wine in South Korea.
The White House says the probe has been governed by a “transparent, quasi-judicial process that is laid out in statute” and denied that the payment amounted to a conflict of interest.
“Further, all of the President’s assets are held in fully discretionary accounts managed by independent third-party financial institutions,” White House spokesman Kush Desai said in a statement. “There are no conflicts of interest, and the only special interest guiding the Trump administration’s decision-making is the best interest of the American people.”
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The Commerce Department on Monday issued a preliminary finding that would subject Korea Aluminium’s exports to a 105 percent tax, nearly four times the current rate.
The Trump Organization, the Commerce Department, Base and Korea Aluminium did not immediately respond to requests for comment. The Trump Organization told the New York Times that the payment is part of a golf course project that has not yet been announced.
No evidence has emerged that Trump or his family intervened in the investigation on behalf of Base or Korea Aluminium. But Trump’s expansive portfolio and family business’s deals with companies around the world have no other parallel in modern American industry, opening new ethical quagmires.
Presidents traditionally have divested from companies that could pose a conflict of interest in office. Trump meanwhile has maintained extensive holdings in crypto and real estate ventures, amassing unprecedented wealth in office. His 2025 income soared to more than $2.2 billion, fueled primarily by cryptocurrency-related ventures.
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