US President Donald Trump’s net worth has fallen by half a billion dollars in less than a week after he implemented a sweeping wave of tariffs, according to estimates by Forbes.
Last week, Trump announced a broad range of new tariffs on the imports from dozens of countries to the US, including a 34% levy on Chinese goods. Beijing has vowed to retaliate with a proportional 34% duty of its own, prompting Trump to escalate the blanket tariff on Chinese goods to a total of 104%. Fears about an escalating trade war have shaken global equity markets and wiped some $10 billion from stocks as of Monday, according to Bloomberg.
The net value of Trump’s own assets fell from an estimated $4.7 billion to $4.2 billion in less than a week “as the value of his public stock and private holdings fall in tandem with the broader market,” Forbes wrote on Tuesday.
The outlet offered a detailed evaluation based on the sum of Trump’s publicly traded stock and estimates of the worth of his privately held companies.
The Trump Media and Technology Group, the president’s most valuable asset, depreciated by 8%, wiping roughly $170 million from his stake in the company, Forbes said.
His commercial and residential real estate holdings would have fallen by around $110-142 million, judging by the average fall in the stocks of other major real estate firms after the president’s ‘Liberation Day’ tariff announcement, according to the outlet.
Trump’s golf clubs likely lost some $70 million, due to the possibility of “belt tightening” among members, Forbes said. His hospitality assets could have also declined by some $65 million, while his smaller licensing-and-management business may have shed a further $15 million, it added.
Forbes estimated that Trump could have lost tens of millions more on assets held in cryptocurrency.
The greatest threat facing the president’s private assets comes from the loss of investor confidence brought on by his tariff war, Forbes said.
Despite the market downturn, Trump has defended the move, claiming that the tariffs are already bringing in billions to the US budget.
Several prominent US investors have criticized the tariffs and warned of serious consequences for the US economy. The president’s advisor and government efficiency czar, Elon Musk, personally tried to convince Trump to reconsider the measures but did not succeed, according to the Washington Post.
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