Trump's Coupang stock trades raise conflict-of-interest questions amid diplomatic dispute

U.S. President Donald Trump speaks during a Salute to America event to celebrate America's 250th anniversary in Washington, D.C., Saturday. UPI-Yonhap

U.S. President Donald Trump repeatedly traded shares of Coupang Inc. through an asset management firm after beginning his second term, according to U.S. financial disclosure reports, raising questions over a potential conflict of interest in the company that has become a source of diplomatic unease between Korea and the United States.

The reports, filed with the Office of Government Ethics (OGE) and released in May and again this month, show that Trump traded Coupang Inc. shares 18 times between October 2025 and May this year through two investment accounts.

Trump is estimated to still hold up to $130,000 worth of common stock in U.S.-listed Coupang Inc., although it accounts for a relatively minor portion of his overall investment portfolio.

Several senior foreign policy and trade officials in the Trump administration were also found to have received compensation from the company for speaking engagements, advisory work or consulting services before taking office, although they did not trade Coupang Inc. shares as Trump did.

Among them were U.S. Trade Representative Jamieson Greer, who reported receiving a $10,000 honorarium in 2024, and Under Secretary of State for Political Affairs Allison Hooker, who also reported paid consulting work.

These disclosures come amid a diplomatic dispute between Korea and the U.S. over Seoul's investigation into Coupang, an e-commerce firm active mainly in Korea and wholly owned by Coupang Inc., following a massive customer data leak disclosed in November 2025.

The U.S. seems to have sided with Coupang, with a letter signed by more than 50 Republican lawmakers in April and a report released last week by the House Judiciary Committee, both accusing the Seoul government of “discriminatory” treatment of the U.S.-headquartered company.

A White House official also argued that Coupang was being "singled out" by the Lee Jae Myung administration when asked by a Korean media outlet to comment on last week’s congressional report.

"Under the circumstances, the fact that Trump owned shares in Coupang Inc. could be seen as a conflict of interest from Korea’s perspective," said Shin Yul, a political science professor at Myongji University.

The professor noted that Trump's holding of Coupang Inc. shares coincided with the revelation of the data leak and the ensuing diplomatic friction between the two allies, with concerns that Coupang has been carrying out extensive lobbying activities in Washington.

"We cannot say for sure whether there was lobbying, but the U.S. argument against Seoul is highly problematic and could now also be seen as related to Trump's financial interests,” Shin said.

A diplomatic security analyst voiced a similar view, arguing that "it is questionable for Trump to have a financial interest in Coupang Inc.," although his stock transactions were conducted through an asset management firm and he has maintained that he plays no role in managing his investment accounts.

"Concerns over a potential conflict of interest cannot be ruled out, given that the company remains at the center of a diplomatic dispute — despite Seoul's repeated efforts to explain why the investigation was unavoidable,” the analyst said.

Cheong Wa Dae refuted last week's U.S. congressional report, saying its claims were "far from the facts."

At a press briefing Friday, National Security Adviser Wi Sung-lac said the report “failed to adequately reflect the Korean government's position, while relying heavily on the company's account.”