Trump Has Eyewateringly Corrupt Scheme to Get Rich Off Tariffs

Donald Trump has a new scheme for making money off of the sweeping tariffs he rapidly imposes, adjusts, and delays, first reported by independent journalist Judd Legum.

Trump Media and Technology Group unveiled a “suite” of thematic “Truth Social-branded Separately Managed Accounts” that it had crafted in collaboration with Yorkville America Equities and Index Technologies Group.

The investment portfolios were organized around the themes of “Faith & Values,” “Liberty & Security,” “Energy Independence,” and “Made in America.”

TMTG CEO Devin Nunes said that the SMAs were designed to meet investors’ demand “to support a wide range of outstanding, non-woke, and innovative companies across key sectors of the U.S. economy.”

It’s not clear what specific assets will be in each portfolio. “Made in America” is likely to contain stocks associated with American manufacturers, while “Liberty & Security” could contain assets for defense contractors and private prisons, which stand to make a killing off of Trump’s massive deportation scheme.

But Trump’s position as a shareholder of TMTG presents a clear conflict of interest, considering the amount of power he has to roil the stock market. Since entering office, Trump has demonstrated the ability to manipulate the value of any particular stock by simply announcing a tariff or exemption, putting him in a particular position of power over his yields from TMTG.

Trump profits directly from TMTG in two key ways, Legum explained in his newsletter Public Notice. “First, TMTG will invest a portion of its cash reserves in accounts. Secondly, as the majority shareholder in TMTG, Trump will benefit from the fees generated by these accounts. The performance of the underlying assets held in these accounts will determine both TMTG’s return on its cash reserves and interest from outside investors,” he wrote.

Through TMTG’s actively managed investment accounts, Trump would be able to directly financially benefit simply by announcing or rescinding a policy. For example, Apple stock sank when Trump announced his sweeping “reciprocal tariff” policy on April 2 and continued to drop as he escalated tariffs on Chinese goods to the triple digits. But when the administration announced that there would be an exemption applied to electronic devices on April 11, Apple stock began to improve.

Trump has been accused of obvious market manipulation after he instructed his followers that it was a “great time to buy” just hours before announcing a 90-day pause on his “reciprocal tariff” policy. He even bragged about how much money he made for his billionaire buddies who came to visit him in the White House.

The head of the FCC, Brandon Carr, attacked NBC’s parent company, Comcast, in an X post over its coverage of Kilmar Abrego Garcia, whom the Trump administration has repeatedly accused of being a violent gang member despite admitting in court that he was accidentally deported to El Salvador. 

In his post, Carr repeated Trump’s accusations—which have not been proven in court—and insinuated that Comcast was violating federal law, taking aim at its broadcast licensing and accusing the company of “news distortion.” 

His statement also quoted a different post from Trump spokesperson Steven Cheung decrying the lack of media coverage for an alleged victim of murder by a totally different immigrant, as the Trump administration seeks to conflate the two stories. 

Carr’s attack seems to be threatening a news network with penalties for coverage he doesn’t like, a disturbing attack on freedom of the press from a government official who is supposed to be protecting the constitutional right. In fact, with no trace of irony, Carr’s previous X post praised Secretary of State Marco Rubio for “smashing the censorship cartel and restoring free speech rights to Americans.”

The entire Trump administration has been hell-bent on defying a Supreme Court order and refusing to return Abrego Garcia to the U.S. They’ve compared him to Osama bin Laden and tried to paint him as an abusive husband, a claim that his U.S. citizen wife has rebutted. On Wednesday, Attorney General Pam Bondi claimed to have new evidence against Abrego Garcia—but it was nothing more than a rehash of the hearsay Trump officials were already citing.  

For his part, Carr has been attacking Comcast and NBC for weeks, announcing an investigation into Comcast’s diversity, equity, and inclusion practices just weeks into Trump’s presidency. And he has the full blessing of Trump, who is pushing his own vendettas against media outlets such as CBS News at the moment. 

But if Carr and Trump want the news to stop attacking their disregard of a Supreme Court order, attacking the media won’t help. The quickest way to get the news to stop focusing on Abrego Garcia is to do the right thing and return him to the U.S.

The man in charge of U.S. counterterrorism said that anybody against Donald Trump’s mass deportation plan is technically committing a felony by “aiding and abetting” terrorism.

“There’s a line that divides us. Do you love America, or do you hate America?” Trump’s Director for Counterterrorism Sebastian Gorka said in an interview with the far-right news outlet Newsmax Wednesday night.

“And we have people who love America, like the president, like his Cabinet, like the directors of his agencies who want to protect Americans,” he continued. “And then there is the other side that is on the side of the cartel members, the side of the illegal aliens, on the side of the terrorists.

“You have to ask yourself, are they technically aiding and abetting them? Because aiding and abetting criminals and terrorists is a crime in federal statute,” Gorka said, absurdly equating opposing unlawful deportations with terrorism.

Ignoring court orders, as Trump has now done multiple times while carrying out his deportation efforts, is also “a crime in federal statute.” Last month, he ignored U.S. District Judge James Boasberg’s order to halt the deportation of more than 200 Venezuelan immigrants to El Salvador, the majority of whom have no criminal record. On Wednesday, Boasberg said there is a high probability Trump could face criminal contempt charges for his refusal to comply.

Disregarding the law once again, the White House is also refusing to bring back Kilmar Abrego Garcia—a Maryland man who was unlawfully deported to El Salvador because of an “administrative error”—despite the Supreme Court ordering the government to “facilitate” his return. Abrego Garcia is now being held at CECOT, a megaprison in El Salvador notorious for human rights abuses.

Even though it already admitted Abrego Garcia’s deportation was a mistake, the Trump administration has doubled down on unbacked and harmful claims the father of three is an MS-13 gang member, “human trafficker,” and “violent criminal.”

“The question is solved.… Number one, this individual is a foreign national who came here illegally. So that’s your first two strikes,” Gorka said of Abrego Garcia Wednesday, insisting that his removal was a national security issue. “Then we find out he’s a member of an organization that we recently designated as a foreign terrorist organization. So, three strikes, and you’re out.”

There is no evidence connecting Abrego Garcia to MS-13, human trafficking, or violent crime, and he was granted “withholding of removal status” by a judge in 2019, yet another court order Trump disobeyed to deport an innocent man.

The Department of Justice re-released the same old evidence to support its straw-man argument for deporting Kilmar Abrego Garcia, a Maryland man who was removed to El Salvador last month despite having received a protective order against his removal there. 

Attorney General Pam Bondi announced Wednesday night that the DOJ was releasing an “additional” batch of documents about Abrego Garcia, who the government has alleged was an active member of MS-13. But pretty much all the information contained within the documents was already public knowledge—and not damning in the slightest.  

The documents included a gang field interview work sheet, which described Abrego Garcia’s 2019 arrest for loitering outside of a Home Depot in Hyattsville, Maryland. Officers said they had determined Abrego Garcia’s gang affiliation based on what he was wearing, including a hoodie officers said indicated “Hispanic gang culture” and a Chicago Bulls hat, which they said indicated that he was a “member in good standing” with MS-13. The worksheet alleged Abrego Garcia was a member of the “Western” clique, which is based in New York—a place he never even lived.

The worksheet also referred to a “past proven and reliable” source who had identified Abrego Garcia as a member of MS-13. However, The New Republic has confirmed that Ivan Mendez, the Maryland police officer who formally attested to Abrego Garcia’s supposed gang affiliation, was subsequently suspended for giving confidential information about a case to a sex worker. He then was indicted, pleaded guilty, and received probation. 

Earlier this month, Judge Stephanie Thacker of the U.S. Appeals Court for the Fourth Circuit had already dismissed using the gang affiliation worksheet as evidence. “An unsupported—and then abandoned—assertion that Abrego Garcia was a member of a gang does not tip the scales in favor of removal in violation of the Administration’s own withholding order,” she wrote in an order.

“If the Government wanted to prove to the district court that Abrego Garcia was a ‘prominent’ member of MS-13, it has had ample opportunity to do so but has not—nor has it even bothered to try,” she wrote. 

Another document provided by the U.S. Department of Homeland Security, a “Record of Deportable/Inadmissible Alien,” falsely claimed that Abrego Garcia had been arrested “in connection to a murder investigation.” But Abrego Garcia’s gang worksheet clearly stated he had been arrested for loitering. 

The documents do not support White House press Secretary Karoline Leavitt’s wild assertion that Abrego Garcia was “engaged in human trafficking.” The documents also disprove Vice President JD Vance’s claim that Abrego Garcia was a “convicted” member of MS-13, as they plainly stated he had no criminal record. They do not, as Tricia McLaughlin, assistant secretary for the Department of Homeland Security, claimed in a post on X, say he was found with drugs and “rolls of cash.” In fact, he was simply wearing a hoodie with a pattern of rolls of cash.

Despite having only thin evidence of Abrego Garcia’s gang affiliation, Bondi appeared on Fox News Wednesday night, where she called him a “terrorist” and alleged that he was “one of the top MS-13 members.” She demanded that journalists apologize to Donald Trump for referring to Abrego Garcia as a “Maryland man.”

The Trump administration is desperate to make the debate over Abrego Garcia’s return about his alleged gang affiliation—but that’s not the central issue of his deportation. Rather, Abrego Garcia was mistakenly deported, after receiving a protective order from a U.S. judge, and denied due process in his removal to El Salvador. He was not afforded the opportunity to challenge his designation as a “foreign terrorist” or the location of his deportation. Then the Trump administration refused a direct order from a federal judge, which was then upheld by the Supreme Court, to “facilitate” his return, escalating one man’s removal to a full-on constitutional crisis. 

If the U.S. government can deny Abrego Garcia’s right to due process, they can deny it for anyone—and they are already making plans to broaden the scope of their removals to foreign prisons. U.S. citizens, “homegrowns” as the president has called them, will be next. 

Elon Musk could own yet another stake in the Department of Defense as Donald Trump moves to make his golden shield missile defense a reality.

The billionaire’s company, SpaceX, is a top contender to be awarded part of Trump’s “Golden Dome” defense project, a fantastical air defense system the president claims would protect the U.S. from intercontinental missile strikes. Known officially as the “Iron Dome for America,” the proposed project is modeled after Israel’s Iron Dome defense and would likely cost trillions.

SpaceX has partnered with new-right oligarch Peter Thiel’s defense start-up, Palantir, and Anduril, a drone company that’s raised more than $1.5 billion to build AI-powered weapons. The three companies are front-runners in a bid to build out the project together, Reuters reported Thursday.

Crucially, SpaceX’s role in the Golden Dome would be subscription-based, a way to avoid some Defense Department regulations and implement the system faster, Reuters reported. But it would mean that the government would pay to access SpaceX’s technology instead of owning it in full. That, in turn, could prevent the government from holding any control over the tech’s development or subscription cost.

The president has long warned that nuclear warfare is humanity’s most existential threat. During his first term, Trump called nuclear weapons “the biggest problem in the world,” and his warnings about “World War III” have only escalated since then. As he threatens to withdraw U.S. military defense from a number of allies, prompting dozens of countries to seriously consider embracing nuclear defense, Trump has simultaneously proposed to protect the U.S. with a literal air shield that experts say is “technically impossible.”

“We will replenish our military and build an Iron Dome missile defense system to ensure that no enemy can strike our homeland,” Trump promised at the Republican Party convention in August.

“Israel has an Iron Dome. They have a missile defense system,” he said. “Why should other countries have this, and we don’t?”

The proposal isn’t far off from Ronald Reagan’s Strategic Defense Initiative, which was designed to defend the U.S. from Soviet missiles but was never implemented. It’s known derisively as “Star Wars.”

In January, Trump issued an executive order requiring the Pentagon to come up with an initial blueprint for the Golden Shield by mid-April. The details of the plan are still murky, but SpaceX’s pitch to Pentagon officials involves building up to 1,000 satellites that would circle the globe to sense ominous missiles, sources told Reuters. If the missiles were determined a threat, they would be shot down by a separate fleet of 200 missiles. It’s as ridiculous as it sounds.

If Musk’s blueprint is approved, it would add billions more to his amassed $38 billion in government contracts across nine federal agencies, all while he continues to slash federal funding and Social Security through the Department of Government Efficiency.

Donald Trump is threatening to take away Harvard University’s ability to enroll international students after the institution refused to agree to his demands.

The White House is demanding that the university change its hiring, admissions, and education practices, ostensibly to oppose antisemitism, and has already pulled $2.2 billion in federal funding. Now Homeland Security Secretary Kristi Noem has asked for records on the “illegal and violent” activities of its foreign student visa holders, saying that Harvard will lose the “privilege of enrolling foreign students” if it doesn’t comply.

Harvard President Alan Garber said Monday in response to administration demands that the “university will not surrender its independence or relinquish its constitutional rights.” Trump denigrated the university in a Truth Social post on Wednesday, saying that “Harvard can no longer be considered even a decent place of learning, and should not be considered on any list of the World’s Great Universities or Colleges.”

“Harvard is a JOKE, teaches Hate and Stupidity, and should no longer receive Federal Funds,” Trump posted.

The loss of international students would be a big blow to America’s oldest university. This year, 27 percent of its enrollment came from foreign students. Trump has already threatened to pull Harvard’s tax-exempt status, an unprecedented move that could cost the university millions. But Harvard’s decision not to give in to Trump comes after other institutions, such as Columbia University, gave in to administration demands and were still penalized.

The president, backed by much of the conservative movement, is trying to destroy academic freedom and take control of America’s institutions of higher education. If Harvard continues its opposition, this battle could become a war in the courts, with other universities also taking legal action. The question is who will stand up to Trump, and who will capitulate.

Donald Trump isn’t too happy after Federal Reserve Chair Jerome Powell said the president’s tariff policy would cause more inflation and slow growth.

In a post on Truth Social Thursday morning, Trump furiously blamed Powell for not lowering interest rates. The European Central Bank had announced just a few hours earlier that it would make yet another round of cuts to offset Trump’s tariffs, which have roiled the markets and deteriorated the outlook for growth.

“The ECB is expected to cut interest rates for the 7th time, and yet, ‘Too Late’ Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!’” Trump wrote.  

“Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS. Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now,” Trump added. “Powell’s termination cannot come fast enough!”

In fact, egg prices have once again risen, ahead of Easter weekend, after falling in mid-March. Trump’s claim that the U.S. is getting “rich on tariffs” also deserves some scrutiny. While the president has claimed that the U.S. is raking in up to $2 billion a day, U.S. Customs and Border Protection revealed this week that the number was more like $250 million.

At an event hosted by the Economic Club of Chicago Wednesday, Powell had warned that “the level of tariff increases announced so far is significantly larger than anticipated, and the same is likely to be true of the economic effects, which will include higher inflation and slower growth.”

Trump had already been pushing for the Fed to cut interest rates ahead of announcing his sweeping “reciprocal tariff” policy earlier this month. 

Despite Trump’s latest call for his “termination,” Powell has already been clear that the president does not have the power to remove him. His term as Federal Reserve chair ends in May 2026. 

Donald Trump’s nominee to run the IRS, Representative Billy Long, just had a six-figure debt paid off by campaign donors, all of whom happen to have tax issues with the IRS.

Long reported in campaign finance disclosures that he loaned $130,000 to his unsuccessful 2022 campaign for the U.S. Senate, with the dormant campaign committee raising $36,000 in the past two years. This meant that Long would have been personally on the hook for more than $100,000.

Shortly after Trump announced Long as his pick to head the IRS, the committee was suddenly flush, taking in $137,000 in under three weeks in January, and Long used that to reimburse himself. Two-thirds of those donations were for $2,900, the maximum amount allowed by law, and one-third of them came from donors in the tax consultant industry or people with tax-related legal issues.

“Making political contributions to aid Billy Long seems like a surefire way to ingratiate yourself with the man poised to lead the IRS, especially when we’re talking about contributions to help repay campaign debt that is just loans to the candidate himself and contributions to his leadership PAC,” Michael Beckel, senior research director of the campaign finance reform organization Issue One, told Lever News.

“People often criticize campaign contributions for being legalized bribery, but in this case, we’re truly talking about money being given to Long to repay himself,” Beckel added.

Some of the contributors to Long’s campaign worked at firms accused of a fraudulent tax scheme in which they hawked fake tax credits, according to Democrats on the Senate Finance Committee. After leaving Congress in 2023, Long worked at one of the companies, Lifetime Advisors, and had dealings with some of the others, such as White River Energy.

“Given IRS Commissioner nominee Billy Long’s direct financial ties to White River and other entities implicated in this scheme, we are concerned that if confirmed, Long could undermine enforcement actions related to this fraudulent scheme,” Democratic Senators Ron Wyden and Catherine Cortez Masto wrote in an April 14 letter to acting IRS Commissioner Melanie Krause.

Long’s confirmation is still awaiting a Senate vote, but unless Republicans in the chamber grow spines, he’ll probably sail through. Trump choosing him in the first place shows how corruption is now openly tolerated in the Republican Party, inspired by the activities of the top man himself.

Elon Musk’s Department of Government Efficiency is involved in Trump’s plan to have people buy their way to American citizenship.

As the Trump administration continues to blatantly ignore court orders and deport thousands of immigrants without justification, Musk’s crew of twentysomething goons is building out a special type of $5 million visa designed to give “high-level people” a “route to citizenship.”

Dubbed “gold cards” by Trump, the visas were first announced in February. Each card sells for $5 million and would replace the E.B.-5 visa program. DOGE is now working with the Department of Homeland Security, the State Department, and United States Citizenship and Immigration Services to build out the project’s website and application process, The New York Times reported Wednesday. His team consists of Marko Elez (the 25-year-old with a history of racist X posts), 19-year-old Edward Coristine, who publicly goes by “Big Balls,” and the billionaire co-founder of Airbnb.

Elez and Coristine have been meeting with staff at different agencies in charge of the immigration vetting process to determine how to build out their system.

While much of MAGA has pushed to eradicate immigration of any kind, Musk has at times defended immigration—if those coming to the U.S. are college-educated, wealthy, and will comply with his mission to run the country like a private start-up.

Commerce Secretary Howard Lutnick has touted the “gold card” program and claimed the government has already made $5 billion off the scheme, even though it doesn’t exist yet.

“Yesterday I sold a thousand,” Lutnick said in a podcast interview last month.

“The idea is, if I was not American, and I lived in any other country, I would buy six—one for me, one for my wife, one for my four kids—because God forbid something happens, I want to be able to go to America, and I want to have the right to go to the airport to go to America,” Lutnick added, foreshadowing a not-so-distant reality where only the ultrawealthy can relocate to Trump’s America.

U.S. Customs and Border Protection has revealed how much money has been generated from Donald Trump’s tariffs—and it’s not nearly as much as the president has claimed, NBC News reported Wednesday.

“Since April 5, CBP has collected over $500 million under the new reciprocal tariffs, contributing to more than $21 billion in total tariff revenue from 15 presidential trade actions implemented since Jan 20, 2025,” CBP said in a statement to CNBC Monday.

But that directly contradicts Trump’s claim that his tariffs are raking in a whopping $2 billion every day.

The real number is closer to $250 million per day, according to the CBP. The Treasury Department reported Monday that the day’s deposits listed under “Customs and Certain Excise Taxes” totaled $305 million.

Earlier this month, Trump announced sweeping a “reciprocal tariff” policy, imposing a blanket 10 percent tariff on products from nearly every country in the world. After the stock market tanked, Trump announced a three-month pause on imposing the tariffs, with an exception for China, on which he has levied a 145 percent tariff on everything but certain tech products.

In return, China has imposed its own 125 percent tariff on all U.S. goods, which is already hurting American farmers, who exported $1.6 billion worth of beef to China last year.

Trump has also imposed a 25 percent tariff on goods from Canada and Mexico, as well as a 25 percent tariff on imported cars and autoparts.

Federal Reserve Chair Jerome Powell warned Wednesday that Trump’s sweeping tariff policy would likely raise inflation, despite the president’s many promises to lower prices upon entering office.