特朗普總統發布了一項“道德協議”，詳細說明了他將如何處理他的個人商業利益

它非常虛弱，不需要特朗普剝離他的任何股份。

President Trump's second-term ethics agreement, which was released on January 10, 2025, detailing how he would handle his personal business interests while in the White House, is remarkably weak. It does not require Trump to divest any of his holdings. And unlike a similar agreement for his first term, it does not prohibit the Trump Organization from striking new deals abroad while Trump is president. Instead, it simply prohibits the Trump Organization from striking deals directly with foreign governments.

特朗普總統的第二任道德協議於2025年1月10日發布，詳細介紹了他在白宮期間如何處理自己的個人商業利益，這非常薄弱。它不需要特朗普剝離他的任何股份。而且，與他的第一任期的類似協議不同，在特朗普擔任總統時，它並不禁止特朗普組織在國外達成新交易。取而代之的是，它只是禁止特朗普組織直接與外國政府達成協議。

Trump's second-term ethics agreement is such a permissive document that it is challenging to find a way to violate it. But three months into his presidency, Trump has found a way.

特朗普的第二任道德協議是一份寬鬆的文件，以至於找到一種違反該協議的方法。但是特朗普擔任總統三個月後，找到了一種方法。

Last Thursday, the Trump Organization struck a deal to build a $5.5 billion Trump International Golf Club in Qatar. To develop the project, the Trump Organization is partnering with Dar Global, a Saudi Arabian company, and Qatari Diar, a company owned by the Qatari government. Qatari Diar was established by Qatar's sovereign wealth fund in 2005. Its stated purpose is to "coordinate the country's real estate development priorities."

上週四，特朗普組織達成了一項協議，在卡塔爾建立了55億美元的特朗普國際高爾夫俱樂部。為了開發該項目，特朗普組織與沙特阿拉伯一家公司DAR Global和卡塔里政府擁有的公司合作。卡塔爾·迪拉（Qatari Diar）由卡塔爾（Katar）的主權財富基金於2005年成立。其既定的目的是“協調該國的房地產發展重點”。

Eric Trump, who runs the Trump Organization, said that the deal was only with the Saudi company and not Qatari Diar. "We have zero relationship with them," he insisted in a statement.

經營特朗普組織的埃里克·特朗普（Eric Trump）表示，這筆交易僅與沙特公司（Saudi Company），而不是卡塔里·迪亞（Qatari Diar）。他在聲明中堅持說：“我們與他們之間的關係為零。”

That appears to be false.

這似乎是錯誤的。

"We are incredibly proud to expand the Trump brand into Qatar through this exceptional collaboration with Qatari Diar and Dar Global," Eric Trump said in a press release announcing the project. "Trump International Golf Club Simaisma and our luxury villa community will reflect our highest standards of quality, prestige, and timeless elegance."

埃里克·特朗普（Eric Trump）在宣布該項目的新聞稿中說：“通過與卡塔里·迪亞爾（Qatari Diar）和達爾·格蘭德（Dar Global）的這一非凡合作，我們為將特朗普品牌擴展到卡塔爾而感到非常自豪。” “特朗普國際高爾夫俱樂部Simaisma和我們的豪華別墅社區將反映出我們最高的質量，聲望和永恆的優雅。”

At the announcement of the deal, Eric Trump appeared alongside Abdullah bin Hamad bin Abdullah Al Attiya, a Qatari government official and the Qatari Diar Chairman.

在交易宣佈時，埃里克·特朗普（Eric Trump）與阿卜杜拉·本·哈馬德·本·阿卜杜拉（Abdullah Bin Hamad Bin Abdullah Altiya）一起出現，卡塔里政府官員和卡塔爾·迪亞爾（Qatari Diar）主席。

As the deal was signed, Eric Trump posed in front of a backdrop featuring the logos of the Trump Organization, Dar Global, Qatari Diar.

當交易簽署時，埃里克·特朗普（Eric Trump）在特朗普組織（Dar Global），卡塔里·迪亞爾（Qatari Diar）的徽標的背景前擺姿勢。

Separately, the Trump Organization announced it was also partnering with Dar Global to build a new Trump International Hotel & Tower in Dubai. While Dar Global is not formally owned by the Saudi government, it "has close ties to the Saudi government," according to The Wall Street Journal. The tower, slated to be completed in 2031, will feature the highest rooftop infinity pool in the world.

另外，特朗普組織宣布，它還與DAR Global合作，在迪拜建造新的特朗普國際酒店和塔。據《華爾街日報》報導，雖然DAR Global並非由沙特政府正式所有，但它“與沙特政府有著密切的聯繫”。該塔計劃於2031年完成，將擁有世界上最高的屋頂無邊泳池。

It will also be home to a private club called "The Trump," which "brings together wellness, business, and the timeless atmosphere of a classic private club."

它也將是一個名為“特朗普”的私人俱樂部的所在地，該俱樂部“將健康，商業和經典私人俱樂部的永恆氛圍融合在一起。”

Last week, another company owned by the Trump family, the crypto firm World Liberty Financial (WLF), announced it would be involved in a transaction involving a foreign government. Zach Witkoff, the co-founder of WLF, announced that MGX, a venture firm owned by the government of Abu Dhabi, would be making a $2 billion investment in the crypto exchange Binance, using WLF's embryonic stable coin, USD1. Stable coins are crypto assets pegged to traditional currency in an effort to avoid the volatility of other tokens.

上週，特朗普家族擁有的另一家公司是加密貨幣公司World Liberty Financial（WLF），宣布將參與涉及外國政府的交易。 WLF的聯合創始人Zach Witkoff宣布，由阿布扎比政府擁有的風險投資公司MGX將使用WLF的胚胎穩定硬幣（USD1）對加密貨幣交易所二元公司進行20億美元的投資。穩定的硬幣是將加密貨幣固定在傳統貨幣上，以避免其他令牌的波動。

There is no reason for MGX to finance the transaction with the little-used USD1, rather than cash or a more established stable coin, other than the desire by MGX and Binance to ingratiate themselves with the Trump family. MGX is chaired by Sheikh Tahnoon Bin Zayed Al Nahyan, who met with President Trump at the White House in March. Binance has been subject to oversight by the federal government after admitting in 2023 to violating money laundering laws.

MGX沒有理由將交易與少量使用USD1的交易融資，而不是現金或更既定的穩定硬幣，除了MGX的願望和Binance與特朗普家族結識。 MGX由Sheikh Tahnoon Bin Zayed Al Nahyan主持，後者於3月在白宮與特朗普總統會面。 Binance在2023年承認違反洗錢法後接受了聯邦政府的監督。

The flurry of deals comes just days before Trump is scheduled to travel to the region. In a trip scheduled for May 13-16, Trump will visit Saudi Arabia, Qatar, and the United Arab Emirates.

交易的一系列交易是在特朗普原定前往該地區的幾天。在定於5月13日至16日的一次旅行中，特朗普將訪問沙特阿拉伯，卡塔爾和阿拉伯聯合酋長國。

The exact financial arrangements, including the direct financial benefit to President Trump, remain opaque. But discussions of trade, military assistance, and other issues are now inextricably entwined with Trump's private real estate investments. Trump is openly leveraging his position as president to enhance his personal finances.

確切的財務安排，包括對特朗普總統的直接財務利益，仍然不透明。但是，關於貿易，軍事援助和其他問題的討論與特朗普的私人房地產投資無關緊要。特朗普正公開利用他作為總統的職位來增強他的個人理財。

This is not normal.

這是不正常的。

Previous Republican and Democratic presidents, including Joe Biden, Barack Obama, and George W. Bush, sought to eliminate even the appearance of conflicts. Biden and Obama divested of all assets except for cash and diversified mutual funds. Bush placed his assets into a qualified blind trust, which means investment decisions were made without his knowledge or input. They did not enter into new business ventures while in the White House — much less a new venture directly with foreign governments.

以前的共和黨和民主黨總統，包括喬·拜登，巴拉克·奧巴馬和喬治·W·布什，都試圖消除衝突的出現。拜登（Biden）和奧巴馬（Obama）除了現金和多元化的共同基金外，剝離了所有資產。布什將他的資產置於合格的盲人信託中，這意味著在不知情或投入的情況下做出了投資決定。他們在白宮時沒有從事新的商業企業，這更不用說直接與外國政府的新企業。

The tariff contradiction

關稅矛盾

Trump has imposed high tariffs on nearly every country, including 145% on China, as part of a strategy to force businesses to invest domestically. "Remember, there are no tariffs if you build your product here," Trump said Sunday on Meet The Press. "It's very easy. It's very simple." Trump also insisted that American consumers should be willing to pay more for some items, or forgo purchases completely, to support this effort

特朗普幾乎對中國的145％徵收了高關稅，這是迫使企業投資國內投資的戰略的一部分。特朗普週日在見面媒體上說：“請記住，如果您在這裡建造產品，則沒有關稅。” “這很容易。這很簡單。”特朗普還堅持認為，美國消費者應該願意為某些物品支付更多費用，或完全放棄購買，以支持這一努力