The president’s international licensing business, which looked nearly dead a few years ago, generated $61 million in 2025, according to a financial disclosure report released last week. That’s up an estimated 30% from 2024 and 900% from 2023.

No country provided more last year than the United Arab Emirates, where Trump collected $23 million through deals with two developers. He generated $10 million in India and $9 million in in Saudi Arabia. Deals in Qatar, Romania and Vietnam delivered $5 million apiece.

Representatives of the Trump Organization did not respond to questions about the dealmaking. “There are no conflicts of interest," White House deputy press secretary Anna Kelly said in a statement.

Even Trump once acknowledged concerns with foreign entanglements, promising to strike no new deals overseas during his first term. But he reversed course upon returning to the White House, and money poured in—much of it from........

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