A report of over 900 pages exposes Trump’s “mysterious maneuvering” last year: AI-timed trading and high-frequency portfolio changes before and after the tariff storm.
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The 2025 financial disclosure report released by the U.S. government this week not only revealed that U.S. President Trump earned over $1 billion last year through cryptocurrency businesses, but also, for the first time, presented the complete trajectory of Trump’s precise stock trading during the most volatile period in the U.S. stock market.
The above-mentioned report published by the U.S. Office of Government Ethics (OGE) is 927 pages long. Some U.S. media analysis found that, around the time Trump announced global reciprocal tariffs, his investment accounts conducted hundreds of stock trades over several consecutive days and, on the eve of tariff suspensions, heavily bought blue-chips like Apple and Berkshire Hathaway. Months later, on the day the White House launched the AI Action Plan, there was a large increase in positions in AI giants such as Nvidia, Microsoft, and Amazon.
Although the White House emphasized that Trump himself was not involved in account trading, and all securities investments are managed by independent investment advisors and supervised by his son Donald Trump Jr., the timing of the trades coinciding with major policy events has once again raised concerns among U.S. ethics oversight agencies regarding potential conflicts of interest for the President.
Compared to last year's disclosure, which showed only about 1,000 trades, this annual financial disclosure by Trump completely reveals over 21,000 securities trades he made in 2025, covering stocks, ETFs, and mutual funds. This allows the market to observe, for the first time, how Trump's investment accounts behaved before and after key policy events such as tariffs, AI, and rare earths.
Exceptionally Active Trades Around the Time of Reciprocal Tariffs: Hundreds of Stocks Bought and Sold for Two Consecutive Days After Tariff Announcement
U.S. media statistical analysis of the OGE disclosures found that, on April 3-4—after Trump announced global reciprocal tariffs—his investment accounts made hundreds of stock trades, constantly adjusting positions during a period of steep market decline.
The trading strategy then underwent significant changes.
On April 8, the day before Trump announced the suspension of most reciprocal tariffs, his accounts stopped selling stocks and instead made a one-time purchase of 327 stocks, investing over $3.6 million, mainly increasing holdings in large blue-chip companies like Apple and Berkshire Hathaway.
On the morning of April 9 (Eastern Time), Trump posted on his social media: “It’s a great time to buy.” That afternoon, the U.S. government announced a 90-day suspension of most reciprocal tariffs. U.S. stocks subsequently saw a historic rebound; the S&P 500 index recorded one of the largest single-day gains since 2008.
Although the White House emphasized that Trump’s stock trades are executed independently by investment advisors, the highly coincident timing of these trades once again became a focus of U.S. ethics oversight agencies.
Over 21,000 Trades in One Year, Average Daily Trading Volume Exceeds $4.2 Million
U.S. media analysis of the OGE report shows: in 2025, Trump’s investment accounts made more than 21,000 trades, with an average daily trading amount of about $4.2 million, completing hundreds of transactions almost every day.
The report suggests that this trading pattern more closely resembles tax optimization (tax-loss harvesting) or quantitative rebalancing strategies, rather than traditional active timing trades.
However, because these trades are only fully disclosed in this financial report, and Trump previously only disclosed around 1,000 major trades as legally required, his full-year investment operations had not been publicly visible until now.
It is notable that because some trades were not disclosed within the required 45-day timeframe, the cover page of Trump’s financial report also shows a $200 late-filing penalty.
On the Day the AI Strategy Was Announced, Major Increases in Nvidia, Microsoft, Apple
Aside from tariff trades, another group of investments triggering market attention is related to AI.
U.S. media reports that on the day the White House announced the Artificial Intelligence (AI) Action Plan in July 2025, Trump’s investment accounts simultaneously conducted one of the largest annual build-ups in technology stocks.
The stocks Trump bought heavily on that day include: Nvidia (NVDA) at least $1 million, Microsoft (MSFT) at least $1 million, Apple (AAPL) at least $1 million, Amazon (AMZN) at least $1 million, Broadcom (AVGO) at least $1 million, and several accounts also increased holdings in Alphabet, Google’s parent company, by at least $1 million.
The disclosure also shows that Nvidia brought Trump between $2,501 to $5,000 in capital gain, and Oracle, Qualcomm, Thermo Fisher and other stocks also achieved capital profits.
Investing in Intel and MP Materials Hit the Policy Windfall
Besides AI leaders, U.S. media also points out that Trump’s account trades with the following two companies have drawn special market attention:
- 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% equity stake in Intel to support corporate restructuring. Since then, as of Thursday’s close this week, Intel’s stock price has soared more than 380% since late August last year.
- MP Materials (MP)
In the early days of Trump’s presidency last year, his account started buying shares of U.S. rare earth company MP Materials. In eight trades through May 2025, Trump’s accounts bought shares worth between $22,000 and $155,000 in this rare earth producer. In July of the same year, the U.S. Department of Defense announced a $400 million purchase of the company’s preferred shares; after exercising options, the DoD would hold 15% of the company, becoming its largest shareholder and boosting the establishment of a domestic rare earth supply chain.
The financial disclosure shows that Trump later sold some MP holdings, realizing capital gains of $100,000 to $1 million for the year.
White House Response: President Himself Not Involved in Trading
In response to outside questions, the White House has again emphasized: Trump himself does not manage the investment accounts; all trades are handled by independent financial advisors, and most assets are put in a trust managed by Trump’s eldest son, Donald Trump Jr.
White House spokesperson Anna Kelly said, “The President and his family have never and will never engage in any conflict of interest behavior.”
However, ethics organizations argue that, in the absence of a truly independent “blind trust,” investment accounts trading relevant stocks frequently around major policy events could still undermine public trust in the independence of policy making.
In fact, Trump’s securities investments have sparked controversy before. Last year’s financial disclosure similarly showed that his securities account held stocks in Apple, Microsoft, Nvidia, Alphabet and other major tech companies, and through ETFs had broad exposure to the U.S. stock market.
This year’s first full disclosure of trade records for the first time links these variations in holdings to key timing points for tariff policy, AI strategy, and industrial support policies, making the relationship between Trump’s personal wealth management and public policy again a focus in Washington.
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