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U.S. President Donald Trump's holding company received a $2 million payment last year from the parent company of a South Korean aluminum business involved in an ongoing U.S. trade dispute, The New York Times (NYT) reported Tuesday.
According to the newspaper, the payment from Base Group was disclosed in Trump's annual financial disclosure released in late June and was described as a "non-refundable development fee" tied to a letter of intent.
The Trump Organization and Base Group told the NYT that the payment was related to a planned golf course project in South Korea and was unrelated to the trade dispute involving Korea Aluminium, a Base Group affiliate.
The newspaper reported that Korea Aluminium is challenging Commerce Department actions targeting certain South Korean aluminum exports after U.S. authorities concluded that some companies had circumvented duties on Chinese-made aluminum products.
The NYT said it found no evidence that Trump or members of his family intervened with U.S. officials on behalf of Base Group or Korea Aluminium.
White House spokesperson Kush Desai told the newspaper that Trump was not involved in the trade dispute and that there were "no conflicts of interest."
Desai said administration decisions are guided by "the best interest of the American people."
Alan Garten, chief legal officer of the Trump Organization, also denied any connection between the payment and the trade case, calling suggestions otherwise "pure fiction."
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According to the report, Base Group has maintained business ties with the Trump family for years.
Those ties included importing Trump-branded wine into South Korea and hosting Eric Trump in Seoul earlier this year, where discussions included expanding business and trade between the two countries.
The newspaper said the $2 million payment was part of at least $125 million that Trump's holding company received from foreign sources last year across multiple countries.
It added that the amount was small compared with roughly $1.4 billion in cryptocurrency-related income disclosed by Trump for the same period.
Legal experts interviewed by the NYT said the financial relationship raised conflict-of-interest concerns because the administration oversees trade matters affecting companies with which Trump maintains business ties.
White House and Commerce Department officials told the newspaper that trade proceedings are conducted independently and without political interference.
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