For generations, the American presidency rested not merely on constitutional limits but also on unwritten conventions. Presidents understood that public confidence depended as much on avoiding the appearance of personal enrichment as on obeying the law. That convention is now under unprecedented strain. President Donald Trump’s latest financial disclosures reveal not simply an extraordinarily wealthy president, but a presidency operating alongside a vast and expanding commercial enterprise.

The numbers are staggering, yet the more consequential issue is institutional rather than financial. The real question is whether the world’s most powerful elected office can remain above suspicion when the occupant’s private fortunes continue to grow through businesses that are, directly or indirectly, affected by government policy. The distinction between legality and propriety is crucial. No court has found Mr Trump guilty of using the presidency for personal enrichment, nor has any authority established that government decisions were taken to benefit his businesses. The White House maintains that his commercial interests are managed independently and insists there is no conflict of........

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