A South Korean investment firm connected to a trade dispute with the United States made a $2 million payment last year to President Donald Trump’s holding company, according to Mr. Trump’s latest financial disclosure. The payment, disclosed for the first time, was described in the filing as part of a “letter of intent” and a “nonrefundable development fee,” linked to an unannounced golf resort project.

The parent company, Base Group, has cultivated a relationship with the Trump family over several years, initially by exclusively selling Trump-branded wine in South Korea and more recently by engaging President Trump’s son, Eric Trump, in discussions focused on expanding trade between South Korea and the United States. This outreach coincides with a crackdown by the U.S. Commerce Department on certain South Korean aluminum exports, a sector in which Base Group is involved through its controlling interest in Korea Aluminum.

Korea Aluminum and other South Korean companies have been subject to U.S. tariffs following a Commerce Department investigation that determined these firms were circumventing anti-dumping duties on Chinese aluminum products sent to the United States. Korea Aluminum disputes any violation of trade rules and has reportedly curtailed shipments to the U.S. market because of the tariffs.

Neither President Trump nor his family have been found to have intervened in the trade matter, according to available information. A spokesperson for the Trump Organization emphasized that the $2 million transaction was unrelated to the trade dispute and characterized it as a legitimate business arrangement tied to golf, hospitality, and real estate ventures that the company routinely undertakes worldwide.

White House officials have maintained that the administration’s decisions are guided solely by American interests and denied any conflicts of interest, highlighting that Mr. Trump was not involved in trade proceedings. The Commerce Department also affirmed that its trade enforcement actions against Korea Aluminum and related companies are conducted through apolitical, statutory processes with no political interference.

Base Group’s chairman, Kim Sung-jip, has traveled multiple times to the United States over recent years, including attending Mr. Trump’s second inauguration and visiting Trump-owned golf properties. Eric Trump traveled to Seoul earlier this year to meet with Mr. Kim and executives from major South Korean corporations, discussing ways to foster greater bilateral trade and business cooperation. During this visit, Eric Trump also toured a potential golf and entertainment development site promoted by local authorities.

The Commerce Department’s investigation into alleged circumvention of tariffs by South Korean companies began in 2022 under the Biden administration and concluded in 2023 that some firms were re-exporting Chinese aluminum to the U.S. market. As a consequence, the U.S. imposed additional tariffs on affected imports, leading to a significant drop in Korea Aluminum’s export volumes to the United States.

Recently, U.S. aluminum industry groups petitioned the Commerce Department to extend the tariffs, arguing that Chinese products continue to be diverted through South Korean companies. A preliminary review by the agency’s staff indicated support for strengthening import restrictions if violations persist. No final determinations or changes have been announced.

The revelations of Mr. Trump’s continuing financial ties to foreign companies—including those impacted by decisions of his administration—highlight the challenges of managing potential conflicts of interest in the overlap between public office and private business. Experts and former officials have noted that no previous U.S. president has maintained such extensive direct financial arrangements with foreign entities while in office.