Latest news with #TheTrumpOrganisation
Indian Express
06-08-2025
- Business
- Indian Express
Daily Briefing: Trump's empire in India and the tariff war
Good morning! United States President Donald Trump's tariffs are set to kick in tomorrow. India is facing a 25 per cent charge, plus an unspecified 'penalty' for its purchase of Russian oil. On Tuesday, Trump doubled down on his threat, warning that he will raise the tariffs against India 'very substantially over the next 24 hours'. He added that India will offer the US a zero-duty deal, but 'that's not good enough because of what they are doing with Russian oil.' Taking note of Trump's criticism, Russia has hit back, saying, 'sovereign countries must have, and do have, the right to choose their trade partners'. We have more on the tariff war, but first, let's take a look at the expanding Trump empire in India, a nation he recently branded as a 'dead economy'. In the eight months since Trump came to power in the US, his family-controlled The Trump Organisation has been on an expansion blitz, adding up to 8 million square feet of realty development. From his first term, Brand Trump's real estate footprint in India has jumped threefold. Consider this: Trump Towers have come up in Pune (2015), where a Trump World Centre is also under construction, and Mumbai (2021), where two other projects are also in the pipeline, including a residential tower. Kolkata, Delhi, Hyderabad and Gurugram are also set to get their own Trump Towers, among others. Notably, the Trump Organisation does not invest directly in construction, but lends its brand for upfront license fees or development fees. It has roped in Kalpesh Mehta's Tribeca Developers as its official partner in India. Meet the ten firms, a mix of long-standing realty majors and flamboyant start-ups, that team up with Trump or Tribeca to showcase the brand in the country. Some of these have politicians as owners, while some are under the radar of investigative agencies. On that note, let's get back to the agenda. Amid Trump's attack on India for its trade with Russia, New Delhi has been clear in its response, calling the criticism 'unjust' and noting that the US and the EU (European Union) continue to trade with Moscow. Take a look at some of the arguments: 👉 On Tuesday, when Trump was asked about India's charge that the US was buying uranium hexafluoride, palladium, fertilisers and other chemicals from Russia, the President responded, 'I don't know anything about it. I will have to check…' However, as my colleague Aggam Walia reports, while American imports from Russia fell by 90 per cent in 2024, two years after the war began, key Russian goods continued to flow into the US. Between January and May this year, US imports from Russia grew 23 per cent year-on-year to $2.1 billion. 👉 New Delhi has also reminded Trump that the US had earlier endorsed its purchase of Russian oil. Global energy expert Bob McNally attested as such, saying in an interview with CNBC that it was the previous Joe Biden administration that 'begged' India to buy Russian crude to keep global energy prices in check. India has also faced criticism that it's facilitating a backdoor channel for Russian oil to flow into European markets. However, up until this year, there was no ban on Russian-bought oil. The EU's recently announced sanctions only take effect in January 2026. Shubhajit Roy has more details. 👉 India has long pushed back against the EU's criticism of India's trade with Russia, noting that European countries are still the major buyers of Russian oil and gas. Over the years, Minister of External Affairs S Jaishankar has also delivered statements like, 'Europe's problems are not the world's problems' and that 'India is looking for partners and not preachers'. India is currently facing a two-pronged challenge in maintaining access to its largest export market — the US. One, the uncertainty surrounding Trump's 'penalty' has dampened summer export orders, including cotton garments, footwear, and linen clothing. Second, China has been aggressively reducing prices to outcompete other countries. Notably, India will likely retain its edge over China when the effective tariff rate (ETR) is considered. ETR refers to the total duties as a percentage of total imports. Essentially, New Delhi's test lies in navigating Trump's bullying tactics while negotiating a fair trade deal. That's all for today, folks! Until tomorrow, Sonal Gupta Sonal Gupta is a senior sub-editor on the news desk. She writes feature stories and explainers on a wide range of topics from art and culture to international affairs. She also curates the Morning Expresso, a daily briefing of top stories of the day, which won gold in the 'best newsletter' category at the WAN-IFRA South Asian Digital Media Awards 2023. She also edits our newly-launched pop culture section, Fresh Take. ... Read More
1News
17-06-2025
- Business
- 1News
Trump family unveils next venture – a mobile phone company
If Trump watches or sneakers or bibles aren't your thing, the family business just added another product to show your support for the US president: mobile phones. The Trump company announced today a new business, Trump Mobile, that will offer cell service in a licensing deal and sell gold phones by the summer. It's the latest in a string of new ventures struck despite mounting ethical concerns that the US president is profiting off his position and could distort public policy for personal gain. Eric Trump, the president's son running The Trump Organisation in his absence, suggested the pitch is patriotism, emphasising that the phones will be built in the US and the phone service will maintain a call centre in the country as well. The announcement follows several real estate deals for towers and resorts in the Middle East, including a golf development in Qatar announced in April. A $1.5 billion (NZ$2.4 billion) partnership to build golf courses, hotels and real estate projects in Vietnam was approved last month, though the deal was in the works before Trump was elected. Trump has already used the main regulatory agency that will oversee Trump Mobile in personal disputes. ADVERTISEMENT The Federal Communications Commission has launched investigations of media outlets Trump dislikes and, in some cases, is personally suing. And the president himself last month criticized cell phone maker Apple, now a big business rival, because it planned to make most of its US iPhones in India, threatening to slap a 25% tariff on the devices. Eric Trump said that consumers deserve a phone that aligns with their values. 'Hard-working Americans deserve a wireless service that's affordable, reflects their values, and delivers reliable quality they can count on,' he said in a statement. The Trump phone deal comes as a mandatory financial disclosure report just filed with the government shows the president has moved fast in the last year to profit off his celebrity, taking in $3 million (NZ$4.9 million) in revenue from selling 'Save America' coffee table books, $2.8 million (NZ$4.6 million) from Trump watches and $2.5 million (NZ$4.1 million) from Trump branded sneakers and fragrances. The Trump Organisation today said the new, gold-coloured phone available for $499 (NZ$823) in August, called the T1 Phone, won't be designed or made by Trump Mobile, but by another company. The Trump Organisation did not respond to repeated requests for more details on that and comment. The Trump Organisation's T1 Phone. (Source: Trump Organisation ) ADVERTISEMENT IDC analyst Francisco Jeronimo said the monthly fee of just under $50 (NZ$82.52) is pricey, the appeal beyond the most ardent MAGA loyalists doubtful and the business difficult given that cell phones break down. 'It's not like selling hats and t-shirts. I'm not sure they have that all sorted of," said Jeronimo, adding 'I'm not sure they are bringing great value to the American people." Donald Trump ventured into the telecommunication industry once before, giving speeches and promoting a multi-level marketing company called ACN that was eventually sued for fraud and misleading customers. In the first term, Trump was blasted by conservative and liberal government ethics experts alike for opening his Washington hotel to lobbyists and diplomats and violating his company's pledge to avoid even the appearance of a conflict between his private profit and the public interest. The company is feeling more emboldened now in the second term. The mobile service is partnering with existing cellular carriers with access to a 5G network, raising questions of how they will be treated by federal regulators now that they have partnered with his company. The Trump Organisation said those companies are America's three biggest mobile network providers, an apparent reference to Verizon, AT&T and T-Mobile, the latter with a trademarked name that is very similar to Trump's T1 Mobile. The name given to the monthly service offer, The 47 Plan, and the monthly $47.45 (NZ$78.31) monthly fee make reference to Trump's two terms, the 45th and the 47th. The service will include unlimited calls, texts and data and free roadside assistance and telehealth services. ADVERTISEMENT A mock-up of the planned phone on the company's website shows Trump's slogan 'Make America Great' on the front and an etched American flag on the back. By sticking to licensing, the Trump family is limiting its risk. Still, the new service faces big challenges if it hopes to sell beyond the president's loyal MAGA fans. The Trump company tried to tap into support among the middle class in the first term with two mid-priced hotel chains. Called American Idea and Scion, and unveiled like the phone service today under a giant US flag in the Trump Tower atrium, they flopped. Despite taking in millions of dollars each year in various licensing deals and a string of new ventures, the Trump brand has taken a series of hits to its brand over the years. During his first term, the Trump name was stripped off residential buildings and hotels in Toronto, Panama and Manhattan. The Trump International Hotel in Washington, since sold, lost money even though the family opened its doors to businesses and governments trying to shape US policy. The average condo in 11 Trump-branded residential towers around the country underperformed the broader market during and immediately after Trump's first term. More recently, the value of Trump condos in New York City fell in the past two years as similar properties rise in value, according to brokerage CityRealty. ADVERTISEMENT The Trump Organisation has had more success with some ventures launched in the first few months of his second term. Trump Media & Technology Group, a Florida company that operates the Truth Social media platform, filed plans with security regulators today to launch an exchange-traded fund tied to the prices of two popular cryptocurrencies. The ETF is part of the Trump family's rapidly growing crypto empire, which includes a new stablecoin and launching and promoting memecoins. The president's most recent financial disclosure report reveals he made more than $57 million (NZ$94 million) last year from World Liberty Financial, a crypto company he and his sons helped launch in September.
9 News
16-06-2025
- Business
- 9 News
Trump taking on Apple with his own phone company
Your web browser is no longer supported. To improve your experience update it here The Trump Organisation is licensing the Trump name for a new wireless mobile phone service that is being marketed to the president's supporters and puts the brand in competition with major US carriers such as AT&T and Verizon and smartphone makers such as Apple and Samsung. "A big part of what we've done … has been focused on technology for people who have been underserved, whether that's been in crypto or anything else, but one of the places where we felt there was lackluster performance was in the mobile industry," Donald Trump Jnr said at an event at Trump Tower in New York. A website for the project advertises a $US47.45 a month plan, an apparent reference to President Donald Trump's terms as the 47th and 45th president of the United States. Donald Trump Jnr and Eric Trump at the Bitcoin 2025 conference in Las Vegas in May. (CNN) The Trumps emphasised the new mobile company's focus on American-made devices — a gold-hued "T1" smartphone was available for pre-order Monday for $499 — and US-based services. "You're not calling up call centres in Bangladesh," Eric Trump told Fox Business . "You're doing it right out of St Louis, Missouri." "With Trump Mobile, we're going to be introducing an entire package of products," Trump Junior said, including telemedicine, roadside assistance and unlimited texting. The White House has denied any suggestions that the president is using his name to profit. (AP) The announcement, timed to coincide with the 10-year anniversary of the day Donald Trump took the golden escalator down to announce his 2016 presidential run, marks the latest expansion of the Trump family business into tech, cryptocurrencies and media. The vast and growing scale of the Trump family businesses — which include long-held real estate and casino holdings along with more recent forays into digital finance and branded items — has deepened concerns about the president's willingness to flout ethical conventions while in office. The White House has repeatedly denied any suggestion of impropriety. Press secretary Karoline Leavitt has previously said it was "ridiculous" that anyone would suggest Trump is "doing anything for his own benefit" and that the White House holds itself to the "highest of ethical standards". The Trump Organisation is the main holding company for President Trump's private businesses, and it is run by his eldest sons, Eric and Donald Jnr. The mobile service will work with all three major wireless carriers, the Trump Organisation said. World Donald Trump USA Technology CONTACT US
The Age
16-06-2025
- Business
- The Age
Trump family unveils gold ‘Made in America' phone, mobile service
The Trump family is licensing its name to a new mobile phone service, the latest in a string of ventures announced while Donald Trump is in the White House despite ethical concerns that the US president could mould public policy for personal gain. Eric Trump, the president's son running The Trump Organisation in his absence, announced a new venture called Trump Mobile. The plan is to sell phones that will be built in the US, and the phone service will maintain a call centre in the country as well. The announcement of the new mobile phone and service, called T1 Mobile, follows several real estate deals for towers and resorts in the Middle East, including a golf development in Qatar announced in April. A $US1.5 billion ($2.3 billion) partnership to build golf courses, hotels and real estate projects in Vietnam was approved last month, though the deal was in the works before Trump was elected. Even oversight of such a company, with the Trump name attached, raises ethical concerns. Trump has already used the federal government to reward his allies and punish his enemies. The Federal Communications Commission, the primary regulatory body overseeing mobile phone companies, has already launched investigations of media outlets Trump dislikes and, in some cases, is personally suing. Loading Eric Trump said Monday that consumers deserve a phone that aligns with their values. 'Hard-working Americans deserve a wireless service that's affordable, reflects their values, and delivers reliable quality they can count on,' he said in a statement. The company would also enter a highly competitive market that includes companies that have been directly attacked by Donald Trump.
Sydney Morning Herald
16-06-2025
- Business
- Sydney Morning Herald
Trump family unveils gold ‘Made in America' phone, mobile service
The Trump family is licensing its name to a new mobile phone service, the latest in a string of ventures announced while Donald Trump is in the White House despite ethical concerns that the US president could mould public policy for personal gain. Eric Trump, the president's son running The Trump Organisation in his absence, announced a new venture called Trump Mobile. The plan is to sell phones that will be built in the US, and the phone service will maintain a call centre in the country as well. The announcement of the new mobile phone and service, called T1 Mobile, follows several real estate deals for towers and resorts in the Middle East, including a golf development in Qatar announced in April. A $US1.5 billion ($2.3 billion) partnership to build golf courses, hotels and real estate projects in Vietnam was approved last month, though the deal was in the works before Trump was elected. Even oversight of such a company, with the Trump name attached, raises ethical concerns. Trump has already used the federal government to reward his allies and punish his enemies. The Federal Communications Commission, the primary regulatory body overseeing mobile phone companies, has already launched investigations of media outlets Trump dislikes and, in some cases, is personally suing. Loading Eric Trump said Monday that consumers deserve a phone that aligns with their values. 'Hard-working Americans deserve a wireless service that's affordable, reflects their values, and delivers reliable quality they can count on,' he said in a statement. The company would also enter a highly competitive market that includes companies that have been directly attacked by Donald Trump.
