特朗普总统发布了一项“道德协议”，详细说明了他将如何处理他的个人商业利益

它非常虚弱，不需要特朗普剥离他的任何股份。

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.

特朗普总统的第二任道德协议于2025年1月10日发布，详细介绍了他在白宫期间如何处理自己的个人商业利益，这非常薄弱。它不需要特朗普剥离他的任何股份。而且，与他的第一任期的类似协议不同，在特朗普担任总统时，它并不禁止特朗普组织在国外达成新交易。取而代之的是，它只是禁止特朗普组织直接与外国政府达成协议。

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协议是一份宽松的文件，以至于找到一种违反该协议的方法。但是特朗普担任总统三个月后，找到了一种方法。

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."

上周四，特朗普组织达成了一项协议，在卡塔尔建立了55亿美元的特朗普国际高尔夫俱乐部。为了开发该项目，特朗普组织与沙特阿拉伯一家公司DAR Global和卡塔里政府拥有的公司合作。卡塔尔·迪拉（Qatari Diar）由卡塔尔（Katar）的主权财富基金于2005年成立。其既定的目的是“协调该国的房地产发展重点”。

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.

经营特朗普组织的埃里克·特朗普（Eric Trump）表示，这笔交易仅与沙特公司（Saudi Company），而不是卡塔里·迪亚（Qatari Diar）。他在声明中坚持说：“我们与他们之间的关系为零。”

That appears to be false.

这似乎是错误的。

"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）在宣布该项目的新闻稿中说：“通过与卡塔里·迪亚尔（Qatari Diar）和达尔·格兰德（Dar Global）的这一非凡合作，我们为将特朗普品牌扩展到卡塔尔而感到非常自豪。” “特朗普国际高尔夫俱乐部Simaisma和我们的豪华别墅社区将反映出我们最高的质量，声望和永恒的优雅。”

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.

在交易宣布时，埃里克·特朗普（Eric Trump）与阿卜杜拉·本·哈马德·本·阿卜杜拉（Abdullah Bin Hamad Bin Abdullah Altiya）一起出现，卡塔里政府官员和卡塔尔·迪亚尔（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.

当交易签署时，埃里克·特朗普（Eric Trump）在特朗普组织（Dar Global），卡塔里·迪亚尔（Qatari Diar）的徽标的背景前摆姿势。

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，特朗普组织宣布，它还与DAR Global合作，在迪拜建造新的特朗普国际酒店和塔。据《华尔街日报》报道，虽然DAR Global并非由沙特政府正式所有，但它“与沙特政府有着密切的联系”。该塔计划于2031年完成，将拥有世界上最高的屋顶无边泳池。

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."

它也将是一个名为“特朗普”的私人俱乐部的所在地，该俱乐部“将健康，商业和经典私人俱乐部的永恒氛围融合在一起。”

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.

上周，特朗普家族拥有的另一家公司是加密货币公司World Liberty Financial（WLF），宣布将参与涉及外国政府的交易。 WLF的联合创始人Zach Witkoff宣布，由阿布扎比政府拥有的风险投资公司MGX将使用WLF的胚胎稳定硬币（USD1）对加密货币交易所二元公司进行20亿美元的投资。稳定的硬币是将加密货币固定在传统货币上，以避免其他令牌的波动。

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没有理由将交易与少量使用USD1的交易融资，而不是现金或更既定的稳定硬币，除了MGX的愿望和Binance与特朗普家族结识。 MGX由Sheikh Tahnoon Bin Zayed Al Nahyan主持，后者于3月在白宫与特朗普总统会面。 Binance在2023年承认违反洗钱法后接受了联邦政府的监督。

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该地区的几天。在定于5月13日至16日的一次旅行中，特朗普将访问沙特阿拉伯，卡塔尔和阿拉伯联合酋长国。

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.

确切的财务安排，包括对特朗普总统的直接财务利益，仍然不透明。但是，关于贸易，军事援助和其他问题的讨论与特朗普的私人房地产投资无关紧要。特朗普正公开利用他作为总统的职位来增强他的个人理财。

This is not normal.

这是不正常的。

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.

以前的共和党和民主党总统，包括乔·拜登，巴拉克·奥巴马和乔治·W·布什，都试图消除冲突的出现。拜登（Biden）和奥巴马（Obama）除了现金和多元化的共同基金外，剥离了所有资产。布什将他的资产置于合格的盲人信托中，这意味着在不知情或投入的情况下做出了投资决定。他们在白宫时没有从事新的商业企业，这更不用说直接与外国政府的新企业。

The tariff contradiction

关税矛盾

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

特朗普几乎对中国的145％征收了高关税，这是迫使企业投资国内投资的战略的一部分。特朗普周日在见面媒体上说：“请记住，如果您在这里建造产品，则没有关税。” “这很容易。这很简单。”特朗普还坚持认为，美国消费者应该愿意为某些物品支付更多费用，或完全放弃购买，以支持这一努力