A 900-page report reveals Trump's "mysterious trading" last year: AI trades timed perfectly, high-frequency portfolio shifts before and after tariff turmoil
- Core thesis: The 2025 U.S. financial disclosure shows that around major policy announcements such as reciprocal tariffs and the AI Action Plan, President Trump’s investment accounts executed a large number of highly correlated stock trades, intensifying public scrutiny over potential conflicts of interest.
- Key elements:
- Over 21,000 trades were executed throughout 2025, with an average daily trading volume of approximately $4.2 million; previously, only about 1,000 significant trades were disclosed.
- Following the announcement of reciprocal tariffs in April, the account sold hundreds of stocks for two consecutive days. On the day before the pause (April 8), it bought 327 stocks, investing over $3.6 million, with a focus on blue-chip stocks like Apple and Berkshire Hathaway.
- On the day the White House announced the AI Action Plan in July, the account heavily built positions in AI leaders such as Nvidia, Microsoft, and Apple, with individual stock purchases exceeding $1 million each.
- The account bought at least $250,000 worth of Intel shares just before a price surge (August 18). It also accumulated shares of the rare earth stock MP Materials over a long period before the Department of Defense announced an investment in the company, realizing capital gains.
- Although the White House emphasizes that trades are executed by independent advisors and that Trump has established a family trust, the high degree of synchronization between trades and policy timelines has raised concerns among ethics watchdogs about the integrity of policy-making.
Original Author: Li Dan
Original Source: Wall Street CN
The U.S. government's 2025 financial information file released this week not only revealed that President Donald Trump made over $1 billion from cryptocurrency businesses last year, but also provided the first complete look at how Trump precisely traded stocks during the most volatile period in the U.S. stock market last year.
The report published by the U.S. Office of Government Ethics (OGE) is 927 pages long. Analysis by some U.S. media outlets found that around the time Trump announced global reciprocal tariffs, his investment account executed hundreds of stock trades over several consecutive days, and concentrated on buying blue-chip stocks like Apple and Berkshire Hathaway on the eve of the tariff pause; months later, on the day the White House released the AI action plan, he significantly increased holdings in AI leaders such as Nvidia, Microsoft, and Amazon.
Although the White House emphasizes that Trump himself does not participate in account trading and all securities investments are managed by independent investment advisors, with his son Donald Trump Jr. overseeing the trust, the high correlation between trading times and major policy announcements has once again raised questions from U.S. ethics oversight bodies about potential conflicts of interest involving the president.
Compared to last year's disclosure, which showed only about 1,000 trades, this year's annual financial disclosure for Trump is the first to fully reveal over 21,000 securities transactions in 2025, covering assets like stocks, ETFs, and funds. This allows the market to observe for the first time the investment behavior of Trump's account around major policy events concerning tariffs, AI, and rare earths.
Unusually Active Trading Around Reciprocal Tariffs: Hundreds of Stocks Bought and Sold for Two Consecutive Days After Tariff Announcement
According to OGE financial disclosure statistics cited by U.S. media, on April 3rd and 4th, following Trump's announcement of global reciprocal tariffs, his investment account conducted hundreds of stock trades, continuously adjusting positions during the sharp market downturn.
The trading strategy then showed a clear change.
On April 8th, the day before Trump announced a suspension of most reciprocal tariffs, his account did not continue selling stocks but instead bought 327 stocks in a single transaction, investing over $3.6 million, primarily increasing holdings in large blue-chip companies like Apple and Berkshire Hathaway.
On the morning of April 9th Eastern Time, Trump posted on his social media platform: "It's a great time to buy." That afternoon, the U.S. government announced a 90-day pause on most reciprocal tariffs. The U.S. stock market subsequently experienced a historic rebound, with the S&P 500 recording one of its largest single-day gains since 2008.
Although the White House insists Trump's stock trades are executed independently by investment advisors, the high temporal overlap once again made these transactions a focus for U.S. ethics oversight bodies.
Over 21,000 Trades Annually, Average Daily Trading Volume Exceeds $4.2 Million
According to analysis by U.S. media based on the OGE report: Throughout 2025, Trump's investment account conducted over 21,000 trades, with an average daily trading volume of approximately $4.2 million, completing hundreds of buys and sells almost every day.
Reports suggest this trading pattern is more akin to tax-loss harvesting or quantitative rebalancing strategies rather than traditional active market timing.
However, since these trades were only fully disclosed in this financial filing, and Trump previously only needed to disclose approximately 1,000 significant trades per legal requirements, his full-year investment operations had largely remained out of public view.
Notably, because some trades were not disclosed within the mandated 45-day period, the front page of Trump's financial report also shows a $200 late filing penalty.
Heavy Buying of Nvidia, Microsoft, Apple on the Day of the AI Strategy Announcement
Beyond tariff-related trades, another set of transactions drawing market attention involves AI-related investments.
U.S. media point out that on the day the White House released the Artificial Intelligence (AI) Action Plan in July 2025, Trump's investment account simultaneously executed one of its largest technology stock position buildups of the year.
On that day, Trump's account heavily purchased individual stocks including: at least $1 million in Nvidia (NVDA), at least $1 million in Microsoft (MSFT), at least $1 million in Apple (AAPL), at least $1 million in Amazon (AMZN), at least $1 million in Broadcom (AVGO), and multiple accounts each added at least $1 million in Alphabet, Google's parent company.
The disclosure document also shows Nvidia generated capital gains of $2,501–$5,000 for Trump, with other stocks like Oracle, Qualcomm, and Thermo Fisher also recording capital gains.
Investments in Intel and MP Materials Also Hit Policy Tailwinds
Besides AI leaders, U.S. media also noted that Trump's account's operations in the following two companies drew market interest:
- Intel (INTC)
On August 18, 2025, Trump's account bought at least $250,000 worth of Intel stock. A few days later, the U.S. government announced it would acquire about a 10% stake in Intel to support the company's restructuring. Since then, as of Thursday's close, Intel's stock price has surged over 380% cumulatively since late August last year.
- MP Materials (MP)
Early in Trump's presidency last year, his account began buying shares of the U.S. rare earth company MP Materials. In eight transactions up to May 2025, accounts under Trump's name purchased between $22,000 and $155,000 worth of this rare earth producer's stock. In July of the same year, the U.S. Department of Defense announced it would spend $400 million to buy preferred shares in the company, which, upon exercise, would give it a 15% stake, making it the largest shareholder and driving the establishment of a domestic U.S. rare earth supply chain.
Financial disclosures show Trump subsequently sold some of his MP holdings, realizing capital gains of $100,000–$1 million for the year.
White House Response: President Does Not Participate in Trading
Facing external scrutiny, the White House reiterated: Trump himself does not manage the investment accounts; all trades are handled by independent financial advisors, and 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."
Nevertheless, ethics organizations argue that without establishing a truly independent "blind trust," the frequent trading of relevant stocks in the president's investment account coinciding with major policy announcements could still undermine public trust in the independence of policy-making.
In fact, this is not the first time Trump's securities investments have sparked controversy. Financial disclosures released last year similarly showed his securities accounts held stocks in major tech companies like Apple, Microsoft, Nvidia, and Alphabet, with broad allocation in the U.S. stock market through ETFs.
However, this year's first-ever disclosure of complete transaction records links these portfolio changes to key time points such as tariff policies, AI strategies, and industrial support policies, making the relationship between Trump's personal wealth management and public policy a renewed focus in Washington.
