By Ricardo Lezama 
As usual in a kleptocratic dictatorship, personal finance and public policy intersect for President Donald Trump. Trump recently paused a sweeping set of global tariffs — and his motivation may have been tied not just to global market stability, but also to his own investment portfolio. Trump, a self-proclaimed market watcher, acknowledged, “I was watching the bond market.” As it turns out, he had a significant financial stake in it.
A Bond-Laden Portfolio
As of August 2024, Trump reported between $125 million and $443 million in bonds — including municipal, corporate, and U.S. Treasury bonds. This dwarfed his exposure to stocks, which totaled only $19 million to $62 million, excluding his multibillion-dollar holding in Trump Media, which he claims he will not sell.
- Municipal Bonds: Up to 80% of his bond holdings, including debt from states like New York and cities like Chicago.
- Corporate Bonds: Investments in firms such as Microsoft and Apple.
- Treasuries: $9 million to $42 million in U.S. government debt.
- Gold Bars: Estimated between $100,000 and $250,000.
Ethical Crossroads
Though there’s no direct evidence Trump acted for personal gain, the pause raised eyebrows. The thing with Trump, however, is it’s probably entirely driven by a combination of selfish desires and ego.
- Trump has not placed his assets in a blind trust.
- The NY Attorney General’s office is exploring potential insider trading activity around the tariff-driven volatility.
- His push for rate cuts — which would increase bond prices — further aligns with his personal financial interests.
Interesting Nest Egg
Trump’s portfolio choices mirror a retiree’s preference for safety — but his policy power gives him a unique influence over the very markets where he is deeply invested. Obviously, the lack of separation between personal wealth and public policy creates ethical issues — especially when trillion-dollar decisions coincide with multi-million-dollar holdings. Nonetheless, selfish voters whose only desire is to freeze current economic developments to only their liking.