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US President Donald Trump earned more than £30 million from his two golf resorts in Scotland last year, his latest financial disclosures reveal. The combined income from the US president’s luxury UK estates is dwarfed by more than 1.4 billion dollars (£1 billion) netted by his crypto ventures – an industry he has promoted while in office. The White House has denied any conflict of interest and hit out at critics. The massive 927-page annual filing for 2025 detailing the president’s extensive business interests and investments was released by the US Office of Government Ethics (OGE). As the news breaks, Andrew Marr investigates the U.S.' reaction to the news, as well as the President's reaction to PM frontrunner Andy Burnham. #andrewmarr #donaldtrump #andyburnham #crypto #uspolitics #ukpolitics #lbc
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0:00
So, we've had the big defence row, and we've got a new Prime Minister coming in
0:04
What might Donald Trump make of it all? Let's hear now from Mick Mulvaney, Donald Trump's White House Chief of Staff in the first administration
0:12
Mick, great to have you on the show again. Now, I'm sure at one level for Donald Trump, it's yet another foreign leader coming in
0:20
glasses but looks much the same, won't make a huge difference. And yet his relationship with Keir Starmer had clearly deteriorated very badly
0:30
What do you think he knows about the new prime minister, Andy Burnham, coming in
0:34
And what do you think he might make of him? Not much. If he comes in and I take it, it's not official yet
0:41
It's not official. Exactly. But it looks like he's going to walk into the office
0:45
Trump will appreciate that. Trump will say, OK, this is a guy who won
0:49
He's a winner. He has no opposition. He's going to walk right. And Trump will like that
0:54
I don't think Trump cares about his politics. Andrew, you and I have talked about this before. Trump doesn't pick his friends based upon their political sort of backgrounds and philosophies
1:03
and so forth. So I think, let's say it will be it will be off to a good start at the very beginning
1:11
at the very least. Well, there's one thing that I think unites them a little bit, and that is
1:15
doing their politics with a sense of humor and direct communication. Trump uses truth social
1:21
Andy Burnham makes lots of little videos of himself day by day by day. But this sense of
1:27
a political leader in the modern world has to have a direct link into people's heads and into
1:32
their living rooms. Do you think that's something that Trump will recognize? No, not really. I mean, there's plenty of Democrats who do that in the United States
1:39
House, and Trump doesn't care for them very much because they attack him. My guess is Trump will
1:45
pay more attention to the substance of those little videos that he's putting out and see what
1:52
says about Trump, if anything. Trump cares about what people say about him. He doesn't really care
1:57
what they say generally. Well, I'm sure there's some disobliging stuff back in the back catalog
2:01
somewhere. You've got some great albums, by the way, behind you. I can see you on the wall. Can I ask about the defense row, which has been much more significant, where the British
2:11
chiefs of staff, the military high command, are really disappointed by how much money Prime
2:16
Minister Keir Starmer has found for them. And it appears that we are quite low down the list
2:22
of NATO countries in terms of honoring our promises for higher defense spending. How big a problem is
2:27
that going to be for the incoming prime minister and the White House? It's one of the biggest. It is
2:33
Go back to the first term. You and I talked about for the first time probably seven or eight years ago. What was Trump talking about? You know, where's the two percent GDP? Now, the UK was there at that
2:42
point, but now it's the five percent. This is this is this is a fundamental tenet of Trump's
2:47
governing philosophy. Our allies need to carry more of their own responsibility. And if the UK
2:52
can hit that number and Andrew I don think you can we can talk about why that is that is going to be a major stumbling block to the relationship There no question about that Let me just ask a slightly wider question about where Donald Trump is sitting now
3:07
because clearly there are parts of the MAGA movement that are breaking away from him a little
3:12
bit. And clearly also the great confrontation is with China. Now, there's been a lot of arguments
3:19
particularly around the AI companies in America and regulation. Do you think that he is in a
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situation now where America appears just a little bit culturally and militarily weaker than it did
3:32
a few years ago, rather than stronger. Now, if you were going to make the case that the
3:37
Iran war has exposed some weaknesses, then I think that's a valid criticism, not militarily
3:44
maybe, but sort of in our approach to foreign policy. Strategically, maybe
3:49
I think that's the right way to look at it. We're really, really good at blowing things up. I mean
3:54
we're the best in the world, probably the best in history. But I'm not sure we know how to handle
3:59
things after we stop doing that. And if your criticism is that America looks somehow weaker
4:04
despite the fact they've had an overwhelming military victory, I think that is a fair point
4:10
You know, the relationship with China will continue to be probably the single most
4:14
complex and important relationship that we have. But our engagement in Iran has certainly weakened
4:19
us in terms of the way that many of our allies and adversaries do look at us
4:24
despite the fact it was a military success. And what about that historically absolutely rock-hard, solid relationship with Israel
4:34
which appears to be very badly damaged as well? Yeah, it is. In fact, it's probably one of the great takeaways from the Iran war
4:41
Iran has been successful in driving a wedge between the U.S. and one of its most recent traditional allies
4:47
And that is going to be a relationship that that is going to take a lot of a lot of a lot of care to reestablish
4:56
But it is safe to say that there are now people on the left who are openly anti-Israel and there's folks on the right who are growingly anti-Israel
5:04
I never thought I would say that in my adult lifetime, but that is a real change in our relationships overseas
5:10
Question we're asking a lot at the moment, Mick. Finally, a bit of advice for the incoming prime minister, Andy Burnham
5:17
At some point, he'll be arriving in Washington, going to the White House, being confronted by all the TV cameras and the microphones like everybody else
5:25
How do you think he best comports himself with Donald Trump? You know, I don't know, Andy Burnham
5:32
So my general advice is to be yourself. And if yourself is really not a very acceptable type of person, then maybe that's not the best
5:38
That's not the best. That's not the best advice. Here's advice I give everyone generally
5:44
Donald Trump is a person. Look, people always think that the President of the United States
5:51
is something magical and different because of the President of the United States. Donald Trump is
5:55
the same sort of person he was when he was a 40 New York businessman He likes doing business with people he likes He doesn like doing business with people that he doesn like It a relationship business And that how I encourage people to look at it Don treat him like the president Treat him like a person and see what happens
6:13
That sounds like very good advice to me, Mick Mulvaney. Thanks so much for talking to LBC again
6:19
Now, it has been revealed today that Trump made a profit of around $1.4 billion from cryptocurrency
6:26
Here, of course, the leader of reform, Nigel Farage, has been under a lot of political attack for taking a five million pound donation from the crypto billionaire Christopher Harbourn
6:35
Let's talk now to the New Statesman's Washington correspondent, Freddie Hayward. Freddie, it's been no surprise that Donald Trump likes to enrich himself in office and sees part of being in office as a way to make himself richer
6:48
But the sheer scale of the crypto profits, is that going to cause a problem inside the MAGA movement with his, you know, his base who thought of he wasn't the ordinary guy who went to Washington to change it
7:00
Well, I think that impression has left people a long time ago
7:05
It's not so much it will cause a problem with his base. I think it will cause a problem with the midterms because people are coming to realize, I think, particularly in the second term, that Trump is much more corrupt than he was in his first term
7:18
And I think that, of course, his hardcore loyal fans will stay with him through thick and thin
7:25
But this is an increasing problem. But I think it speaks to a broader problem for him
7:29
He's not really engaged with creating a seismic, epochal legacy that he can hand down through generations
7:38
He's there to enrich himself in the short term to focus on his family, to focus on whether he can get another million dollars
7:44
That does not say to me that we're going to be looking back in 20, 30 years time in the same way we perhaps look back to FDR or Lyndon Johnson or whoever it might be and say, look at what they achieved
7:57
Look at this legacy that they have. Instead, Trump seems much more focused on getting as much as he can out of the office before he eventually leaves
8:05
I was very struck by the words you just threw in there, corrupt, because I think Elizabeth Warren, for instance, has talked about Trump's brazen crypto corruption
8:14
Is that a word now being generally used about the way he's behaving? Well, I think it has been for a very long time, not least back in New York when he was a businessman
8:25
This is something that connects with Trump, not just in the more legalistic sense of the term, but in the moral sense
8:30
And people see that him as corrupting American politics. That's a motif of everything that he's been doing in the past two years
8:38
That's not going away. And he's not doing anything to try and disabuse people of that notion
8:43
And we've not yet seen really a rebellion within Congress, even though it constantly gets talked about a month on, month out against him and saying we're going to stand up to you
8:55
Perhaps that will come after the midterms if the Republicans do as poorly as some think they will
9:00
Let me ask you the very big question that I was talking to Mick Mulvaney about Freddie which is that when he came into the White House this time round it was fairly obvious that the great
9:11
challenge for the United States was China. The United States had been the mega power sprawling
9:17
in terms of technology and defence and everything else across the rest of the planet. China is
9:22
getting stronger and stronger and stronger. Is it going to be the legacy of the second Trump
9:27
administration that on his watch, China carried on overtaking the United States
9:33
Well, I don't think he's doing as much as he promised to combat that. But I think a broader
9:39
theme here is the general decline of the American empire in the same way that Britain has been
9:43
grappling with this question since the least World War Two. And it's been the sort of driving
9:48
force of our politics. It's corrupted the minds of many politicians, you know, Andrew
9:53
I think that's an increasing theme of American politics, too. We're seeing this sort of panic about China's rise
9:59
We're seeing a resurgence, I think, from Silicon Valley as using China as a motivation to try and increase their power as much as possible
10:10
because they're saying we need to be really strong to make America strong in order to combat China
10:15
You see this coming out, particularly in the military technology, a lot. So I do think this is a driving force for American politics at the moment
10:22
But I don't think it's motivating Trump as much as it has in the past
10:26
He seems to have lost some of his interest in politics. He seems to be much more focused on these very superficial symbols of what we're going to see this weekend with this huge firework display
10:37
or we saw with this UFC fight on his birthday on June 14th
10:41
rather than these broader political questions that motivated him from the 80s
10:46
Remember, Trump has always been focused on these geopolitical rivalries, whether it was with Japan back then or China more recently in the first term
10:53
We don't see him talk about that as much anymore. He's on his new Air Force One today
10:58
Again, that's one of the biggest stories here. It's completely removed from this reality of what you're talking about when it comes to defense spending or the rise of China or what have you
11:07
So Trump seems to have lost interest a bit. And finally, talking of losing interest, what's the view of Andy Burnham, if any, in Washington at the moment
11:15
Have people noticed? If any being the operative phrase, I think, I remember speaking to an official a month or so ago, or a few months ago, back when we were talking about the Gorton and Denton by-election
11:27
They genuinely asked me, who is Andy Burnham? They have no idea. But I do think that Andy Burnham needs to adopt a completely different approach to Keir Starmer to the White House
11:37
We've spoken about this before, Andrew. I think something promising is that he seems to want to be a domestic facing prime minister rather than gallivanting around thinking that Britain can still project power or can ride on the coattails of America and governing the world
11:51
If he can really try and deal with some of the domestic problems that are so endemic in the country, then perhaps we will be a bit stronger
11:58
And at that point, perhaps, then the U.S. president might look at us with a bit more respect
12:02
Well, if he's listening, and I hope he is, I'm sure he'll be nodding as well
12:06
Freddie Hayward, thank you very much indeed for that
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