☕ Can you profit from the presidency?

Good morning!

We’ve got a ruling.

South Korea’s Supreme Court has rejected an allegation leveled by a U.S. composer that the producer of ‘Baby Shark’ plagiarised his work.

Turns out the composer’s case didn’t have much bite.

I’ve got 30 seconds

Some headlines from this morning:

• Ukrainian President Volodomor Zelenskyy and EU leaders have met for a virtual summit, ahead of President Trump’s meeting with Russian President Vladimir Putin. During the summit, leaders discussed the importance of a ceasefire that will deliver “stability and security” in the region. Zelenskyy said the leaders “supported the efforts of U.S. President Donald Trump to end the war, stop the killings, and achieve a just and lasting peace.” If Putin fails to negotiate a ceasefire with Trump this week, European countries are vowing to enforce more sanctions on Russia. Zelenskyy and his EU allies also agreed that international borders must be upheld, and Russia cannot take Ukrainian territory by force. In a joint statement, all EU Leaders said they “will continue to provide political, financial, economic, humanitarian, military and diplomatic support to Ukraine,” as it exercised “its inherent right of self-defence.”

• President Trump asked Congress on Wednesday for extended control over law enforcement in Washington D.C., days after deploying the National Guard to the nation's capital. The request comes as National Guard presence increased overnight to more than 800 troops, following Trump's Monday emergency deployment. The President has 30 days of emergency authority without Congressional approval but said he needs longer-term powers to address crime in the city. Critics noted that D.C. crime rates are at a 30-year low after peaking in 2023.

• A federal appeals court ruled 2-1 on Wednesday that the White House can continue withholding billions in foreign aid frozen by President Trump on his first day in office. The freeze affects nearly $4 billion in programs including poverty prevention and HIV/AIDS treatment worldwide. Aid organizations that sued argued Trump cannot interfere with Congress-allocated funds, but the court ruled they lacked legal standing to bring the lawsuit. The decision reverses a lower court injunction but does not rule on whether the freeze itself is legal.

• President Trump will host the Kennedy Center Honors ceremony after taking control of the arts institution's programming earlier this year. The President announced this year's honorees including actor Sylvester Stallone and rock band Kiss at the event celebrating lifetime achievement in performing arts. Trump requested the Kennedy Center board step down earlier this year, saying their previous programming was misaligned with his "vision for a Golden Age in Arts and Culture." The ceremony traditionally honors artists for their contributions to American culture.

I’ve got 1 minute

First Lady Melania Trump has threatened to sue Hunter Biden for $1 billion over his claims that Jeffrey Epstein introduced her to Donald Trump. The legal threat comes as the White House faces mounting pressure to release files related to the convicted sex trafficker. Here's what you need to know.

What Hunter Biden said

In a recent interview with Channel 5 journalist Andrew Callaghan, Hunter Biden made unsubstantiated claims about how the Trumps met.

"Epstein introduced Melania to Trump - the connections are so wide and deep," Biden said in the tell-all interview.

Biden isn't the first to make this claim. Journalist Michael Wolff previously made similar allegations in a biography, which were published by the Daily Beast before being retracted following legal threats from Melania's lawyers.

The legal threat

Melania's legal team sent Hunter Biden a letter demanding he retract his statements and apologize or face damages exceeding $1 billion.

The letter calls Biden's claims "false and defamatory" and accuses him of having a "vast history of trading on the names of others" - a reference to allegations he profited during his father's presidency.

"These comments have caused overwhelming financial and reputational harm," the First Lady's representatives said.

Epstein

Trump promised during his campaign to release government files related to Epstein, but has since refused to do so. This has fueled speculation about Trump's own connections to the billionaire financier, given their documented friendship in the 1990s and 2000s.

Epstein died by suicide in jail in 2019 while awaiting trial on sex trafficking charges involving minors.

There is no evidence supporting claims that Epstein introduced the Trumps. According to a widely reported 2016 profile, Donald and Melania Trump met at a November 1998 party hosted by a modeling agency founder - not through Epstein.

The legal battle highlights ongoing questions about the Epstein files as Trump begins his second term while facing continued scrutiny over his past associations.

I’ve got 2 minutes

President Trump has reportedly profited over $3 billion since beginning his second term, according to New Yorker reporter David D. Kirkpatrick. The massive financial gains have reignited debates about presidential conflicts of interest and constitutional limits on executive power. Here's what you need to know.

The Constitution

The Constitution's Emoluments Clauses prohibit presidents from receiving benefits from foreign governments or individual U.S. states without congressional approval.

Presidents currently receive a $400,000 annual salary plus a $170,000 expense account. The 1978 Ethics in Government Act requires high-ranking officials to disclose financial holdings and recuse themselves from decisions that may be in conflict.

However, the law doesn't explicitly ban private business ownership during presidential service.

Profits

Trump has donated his presidential salary, most recently giving his paycheck to the White House Historical Association for renovations. But his business empire continues generating massive returns.

"Many investments now flowing to the Trump businesses would be unimaginable without his presidencies," Kirkpatrick wrote in his analysis.

The profits include a $2 billion Saudi Crown Prince investment, a luxury jet from Qatar intended as a replacement for Air Force One, and successful $Trump memecoins released just before his presidency.

Trump claims his sons Eric and Donald Jr. now control the businesses, though he hasn't released tax returns to verify this arrangement.

White House response

The White House has rejected corruption accusations. Press Secretary Karoline Leavitt defended the arrangement in May: "[Trump] left a life of luxury and a life of running a very successful real estate empire for public service."

Trump has insisted he doesn't know about current business activities: "I do not know anything about the Trump business activities at the moment."

Historical precedent

Every president since Lyndon Johnson has released tax returns and placed assets in blind trusts managed by independent accountants, ensuring they have no knowledge of their investments during their term.

Even presidents accused of conflicts - including Biden, Obama, and Clinton - followed these transparency safeguards.

What’s next?

Trump faced emoluments lawsuits during his first term, but courts dismissed them on procedural grounds without ruling on the constitutional merits.

Democrats have signaled they'll pursue enforcement if they regain congressional control in 2026, potentially setting up a constitutional showdown over presidential business interests.

TDU asks