Donald Trump's pay check: 'Proud to be the only President' to donate his entire salary
On Wednesday, Trump announced that he will be donating his entire presidential salary, repeating the gesture he made throughout his first term.
Taking to social media platform Truth Social, he wrote, 'I am proud to be the only President (with the possible exception of the Late, Great George Washington) to donate my Salary. My first 'Paycheck' went to the White House Historical Association, as we make much needed renovations to the beautiful 'People's House.' Great improvements and beautification is taking place at the White House, at levels not seen since its original creation.
MAKE AMERICA GREAT AGAIN!'
Under US federal law, the president earns a base salary of $400,000 per year, along with additional allowances: $50,000 for expenses, $100,000 for travel and $19,000 for entertainment.
During his first term in office, Trump donated his full salary to various government departments. In one instance, he gave his second-quarter pay to the department of education to support a STEM-focused summer camp for students.
At the time, the White House said it was part of Trump's efforts to boost interest in Science, Technology, Engineering, and Maths, and to help young Americans prepare for future jobs.
In a financial disclosure released earlier, Trump had declared over $600 million in earnings for 2024, coming from ventures including cryptocurrency, golf properties, licensing deals, and other business activities, according to Reuters.
The report, which appears to cover the 2024 calendar year, showed that gains from cryptocurrency investments notably contributed to Trump's rising wealth, alongside large development fees and income from his broader business empire.
Reuters estimated that Trump's total assets are worth at least $1.6 billion.
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Hindustan Times
7 minutes ago
- Hindustan Times
‘What if Indians boycott American firms': AAP MP's firm open letter to Donald Trump over 50% tariffs
AAP Rajya Sabha MP and chancellor of Lovely Professional University, Ashok Kumar Mittal, wrote an open letter to US President Donald Trump on Thursday over the imposition of a 50 per cent tariff on India. He cautioned that if Indians were to form a strategic restriction of American business, then there would be a far more "severe" impact on Washington. The LPU chancellor warned Trump that if Indians chose to form a strategic restriction of American business, then the impact would be far more severe on the US. (ANI) Posting his open letter on X, Mittal asked, "What if 146 crore Indians boycott American companies operating in India?" The Rajya Sabha MP termed Trump's move to raise India's tariff to 50 per cent due to the country's Russian oil purchase as "deeply disappointing". He also referred to the US President's "dead economy" remark and said that this very economy is the "4th largest in the world, soon to be third, and remains the fastest growing among major nations". Mittal highlighted that American companies generate more than $80 billion annually from the Indian market across various sectors, including tech, education, finance, and IP. He noted that the US digital economy runs on code, much of which, he added, "is written in India". "It is also telling that your close ally, the European Union, recorded over €67.5 billion in trade with Russia last year, including record LNG imports, even as it calls for others to scale back. What is more surprising is that the United States continues to quietly import uranium, palladium, as well as chemicals from Russia. Should a nation pressurise India against trade with Russia when it itself relies on the Kremlin for its domestic interests?" Mittal added. The AAP leader recalled that the Swadeshi Movement was launched in India on August 7, 1905, describing it as a powerful assertion of economic self-reliance against foreign control. "If 146 crore Indians were to channel that spirit today and initiate a strategic restriction of US businesses, the impact would be far more severe for the United States than for India," he added. Mittal said that while India has stood by the US so far because of its 'Vasudhaiva Kutumbakam' spirit, the future now lies in the hands of those who understand that diplomacy and cooperation are the way forward, not reciprocal tariffs. "Mr President, let us choose dialogue over discord, coordination over coercion. Let us shape the future - through respect, resolve, and renewed commitment to a rules-based global order," Mittal concluded his letter to Trump. Several opposition leaders, including Congress leader Shashi Tharoor, have expressed discontent over the tariffs imposed on India by Trump. US President Donald Trump had initially announced a tariff of 25 per cent on India and an unspecified penalty for the country's purchases from Russia. On Wednesday, the White House announced that Trump was imposing an additional 25 per cent levy on Indian goods due to New Delhi's trade with Russia, taking the total tariffs to 50 per cent. India termed the US President's move to raise the tariffs as "unfair, unjustified and unreasonable". The ministry of external affairs said that India will take all the actions necessary to protect its national interests.
Time of India
8 minutes ago
- Time of India
Trump wants more American pick-ups in Tokyo and London. That may be a hard sell
Donald Trump is right that Japan and Europe buy few American-made cars - but it has little to do with trade barriers. From Tokyo to London, many consumers see Detroit's offerings as simply too big and too gas-guzzling. That view has made Chevrolets and Cadillacs a hard sell, and a rare sight, in cities full of slimmer cars from the Toyota Corolla to Honda Civic, Volkswagen Golf and Renault Clio. Trump often complains about what he sees as a refusal to accept U.S. cars while the Japanese and Europeans sell millions of automobiles a year into the United States. In recent trade deals, both markets agreed to drop or ease safety tests on American vehicle imports. Europe will lower levies on U.S. cars. But it may take more than a change of rules and lower tariffs to convince Japanese and European consumers, who contend with narrow roads and painfully tight parking, to buy big American-made Ford F-150 trucks and Cadillac Escalade SUVs. "American cars are designed for wide roads and freeway driving, so handling them on narrow Japanese streets can be tricky. It takes a bit of technique," said Yumihito Yasue, president of Johnan Jeep Petit in Tokyo, which imports and services vintage cars from the United States. His customers tend to be enthusiasts in their 50s and 60s who grew up seeing American cars on TV and in movies. On a recent weekday, he was servicing two Chevrolets, a lustrous brown 1971 Nova and a low-slung 1986 El Camino, both with their steering wheels on the left. In Japan, steering is on the right. Yasue inherited his love of American cars from his father, who started the business four decades ago and would travel to California to scout for cars. Yasue took over after his father died nine years ago, and sells about 20 vehicles a year. "What makes American cars special is the design. Compared to Japanese or German cars, the body shape is more beautiful. Especially the lines, like the rear lines and the fenders," he said. Some 3.7 million new cars were sold in Japan last year, with a third of those mini or "kei" cars - tiny, fuel efficient vehicles not produced by American automakers. Overall, foreign cars accounted for 6 per cent of new car sales, data from the Japanese Automobile Manufacturers Association showed. Of those, around 570 Chevys, 450 Cadillacs and 120 Dodges were sold, data from the Japan Automobile Importers Association showed. Ford pulled out of Japan almost a decade ago. Tesla makes cars sleeker than some of Detroit's and is becoming more popular. The data does not give a breakdown for the EV maker. 'We Don't buy Ford F-150S' In Europe, smaller locally-made U.S. cars have done well: models like the best-selling Ford Puma and the older Fiesta. But over the past two decades, Ford and General Motors have pivoted towards larger pickups and SUVs, vehicles less suited to Europe's narrow streets and compact-car culture. Ford, a big player in Europe from the early 1900s, has seen sales in the region fall sharply, from 1.26 million vehicles in 2005 to just 426,000 in 2024, according to data from the European Automobile Manufacturers' Association (ACEA). Its market share dropped from 8.3 per cent to 3.3 per cent. "We don't buy Ford F-150s, that's not what our roads are scaled for, it's not what our customers want," Andy Palmer, former CEO of Aston Martin, told Reuters. GM exited Europe in 2017, selling Opel after pulling back Chevrolet, but returned with its Cadillac Lyriq last year. It sold a mere 1,514 of the U.S.-made SUV, according to auto data firm Jato. A GM spokesperson said Cadillac was growing its all-electric lineup in Europe, and the vehicles had been well-received in the markets where they were launched. A Ford spokesperson said the firm exported "passion products" to Europe like the Bronco and Mustang, alongside locally-made models tailored for the market. Clive Sutton, a British car dealer in London who sells luxury American models, said his buyers were drawn to the rarity of vehicles like the giant Cadillac Escalade. But he admitted it was a challenge. "There are people that want that car because of its exclusivity and its perceived status," Sutton said. "But it's not the most easy car to find a parking space for, certainly in central London." Competitive market Trump has also put pressure on South Korea to open its market to American cars and said duty-free access was part of the trade deal the two countries agreed last week. There, imported vehicles account for less than one-fifth of the car market and U.S. models for only 16 per cent of the imported car segment, which is dominated by German rivals, according to data from the Korea Automobile Importers & Distributors Association. German manufacturers have also carved out a strong presence in Japan's luxury market. Mercedes-Benz sold more than 53,000 vehicles last year, making it the most popular foreign brand, followed by BMW at more than 35,000. Japanese automakers say Europeans have been successful because they committed the time and resources to the market. Detroit carmakers, meanwhile, are often associated with left-hand drive cars, which are more challenging to drive on the left-hand side of the road. But some U.S. manufacturers are changing. GM has offered the Corvette only in right-hand drive since the eighth generation version went on sale in 2021. That may be one reason why some 80 per cent of buyers are new customers, a GM spokesperson said. The Corvette is the only model Chevy offers in Japan, and it has sold fewer than 1,000 of them a year for the last decade. GM this year announced plans for a line-up of right-hand-drive Cadillac EVs and deliveries of the Lyriq started in July. 'Wow, a foreign car' Jeep, which sells right-hand drive models, has been the most popular American brand for more than a decade, the importer data showed. It sold just shy of 10,000 vehicles last year in Japan. Yukimi Nitta used to drive a "kei" car but she was drawn to the Jeep Wrangler's appearance, which she described as "friendly" and "outdoorsy". The 42-year-old hair salon owner is now on her second Jeep - a limited-edition beige model - and hopes to switch again to another limited-edition colour. Parking is tight but manageable, she said, and two of her friends have since bought Wranglers. "People often say, 'Wow, a foreign car!' But once you drive it, it feels totally normal. I wish more people would try it," she said. While the Wrangler does burn through fuel quickly, the resale value is good, making it possible to switch out colours, something owners do, Nitta said. A spokesperson for Jeep owner Stellantis said it actively promoted owner events. In July, it announced a collaboration with the "Jurassic World" movie series featuring a limited-edition pink Wrangler, the spokesperson said. Big American cars and trucks might find it hard to follow in Jeep's tracks. Daniel Cadwell, an American living in Tokyo, exports used Japanese camper vans and wagons to the United States. He said he was struck by the size of American cars whenever he went home. "They are just excessively big," said Cadwell, who runs Javan Imports in Portland with his U.S.-based business partner. "I think it is highly challenging for a car of that sort to be seen as attractive in Japan."
Mint
8 minutes ago
- Mint
Alvarez & Marsal downplays Trump tariffs, bets big on India's infra boom
Notwithstanding US president Donald Trump's punitive tariffs on India, New York-based professional services and consulting firm Alvarez & Marsal (A&M) is betting big on the infrastructure boom in the world's fastest-growing major economy. The global consultancy is planning to triple its headcount to about 60 people in the country for its infrastructure services practice over the next six months, Marcos Ganut, managing director and global head of infrastructure and capital projects at the firm, said. Alvarez & Marsal's infrastructure consulting practice, now nearly eight years old, is seeing a rising demand from capital-intensive sectors such as energy, transport, real estate, and digital infrastructure in India. Ganut said A&M is planning to double or even triple its infrastructure team in India within the next six months, in response to strong project pipelines. Confidence despite tariffs 'We started with just four people in 2017… today, we have about 1,000 globally, and around 20 in India. But we see that number increasing significantly very soon." Ganut told Mint in an interview. Read more: Back in black: Indian companies start FY26 on a profitable note He said that the US tariffs won't impact India's infrastructure projects, which will continue to enjoy momentum. Trump imposed an additional 25% tariffs on Indian imports for buying Russian crude oil, taking the total duty levied on New Delhi's exports to 50%, a move that New Delhi called unjustified and unreasonable. 'Geopolitical changes always bring both risks and opportunities. But India's domestic market is large enough that most infrastructure projects will remain unaffected," he said. India is the consulting firm's biggest market outside of the US and Europe, and has shown consistent growth over the years. A&M's global infrastructure unit has been growing at a 40% annual rate, and Ganut believes India could match or even exceed that pace, requiring expansion of operations and raising manpower here. A&M, known as a turnaround specialist, is also planning an expansion of its traditional operations where they help organizations tackle complex business issues and maximize stakeholder value using expertise in areas like restructuring, turnaround management, and performance improvement. 'We're building our capabilities in India… we were 250 consultants two-and-a-half years ago. Now we're about 1,100, and we think this will go to 3,000 in the next three to four years," said Himanshu Bajaj, managing director and head A&M India and Global Capability Center (GCC). The consulting firm is also expanding its India-based GCC, set up in 2023 to serve engagements spearheaded by the firm's multiple business lines across six continents, which already employs 650 professionals. Ganut noted that capital projects—such as highways, ports, and industrial parks—are notoriously complex, often seeing cost overruns or facing delays worldwide. 'More than 90% of capital projects face time or cost overruns. That's where firms like ours come in—to help make projects more efficient and avoid delays," he said. To tackle this, A&M has built a diverse team combining former industry professionals, developers, and financial experts. The firm advises clients across the entire project lifecycle — from planning and procurement to execution and operations. Ganut downplayed fears of instability caused by recent global tariff hikes or geopolitical shifts. He noted that while tariffs might impact some imported materials—especially for renewable energy—the overall scale of India's infrastructure programme is unlikely to slow down. 'Tariffs may affect some imports, but overall momentum in infrastructure will continue," he said. Read more: Accel rejigs India playbook, bets on IP-led manufacturing after previous misses When asked about green hydrogen, he offered caution: 'Hydrogen is still a few years away. The technology is expensive, and transporting it is a challenge. Renewables like solar and wind are seeing more realistic progress right now." Unlike the low‑cost, high‑volume engagements typical of the Big Four consulting firms, A&M positions itself as a high-impact strategic adviser. Ganut said: 'We don't compete on price. We offer strategic, high‑impact solutions with experienced teams. That's where our value lies." He added that India's private equity community is also becoming more active in infrastructure, with one major global PE fund recently relocating its infra head to India—a move Ganut sees as a strong vote of confidence in the country's long-term potential. 'India has a continental-sized economy with huge infrastructure needs. That's why we're investing here — not just for now, but for the long run," he said. Despite increased capital spending by both the public and private sectors, Ganut stressed that execution—not funding — remains India's biggest bottleneck. 'There are a lot of announcements, but execution hasn't always kept pace. We're here to improve that—with better planning, cost control, and digital tools," he said.
