Washington Post: South Korean company paid Trump $2 million amid trade investigation
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.
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 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.
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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