Behind this move, some see an attempt by Gulf countries to influence the future US administration. Others see it as an opportunity for Trump to circumvent Boeing's delays. However, the link between public and private interests remains unclear, and it is this lack of clarity that is causing concern.

The Trump-Qatar ties

Qatar did not just fall out of the sky into Trump's universe. In recent weeks, business deals have multiplied:

  • Last month, the Trump Organization signed a contract for a golf course and luxury residences in Doha and unveiled a billion-dollar skyscraper in Dubai.

  • Jared Kushner, his son-in-law, saw his company's assets jump 60% in 2024 after a $1.5bn injection from the Qatari sovereign wealth fund.

  • Steve Mnuchin, former Treasury Secretary, is expanding his business in the region, particularly with the Emirates for his investment fund.

  • Donald Trump Jr. was invited to speak at the Qatar Economic Forum, during a session initially titled "Monetizing MAGA: Investing in Trump's America." An evocative title, deemed perhaps a little too transparent, the organizers ultimately opted for a more sober version: "Investing in the United States."


Is this legal?

Legally speaking, the US Constitution is clear: no public official may accept a gift from a foreign state. Apparently not clear enough, because according to ABC, lawyers from the White House and the Department of Justice have found a workaround: the Pentagon would accept the plane, which would then be transferred to the future Trump presidential library. The gift would therefore not be intended for an individual, but for an institution.

Meanwhile, Reuters believes that the transfer would only take place after Trump leaves the White House. This legal gray area is fueling criticism.

When history becomes absurd

Since we're in the realm of the ridiculous, let's stay there. This affair brings to mind other strange gifts received by US presidents: a baby elephant from Sri Lanka for Reagan, a Komodo dragon for Bush Sr., and 136 kg of Patagonian lamb for Bush Jr. Our favorite? In 1961, Khrushchev gave Kennedy Pouchinka, the puppy of one of the first dogs to survive a space flight.

According to The Guardian, gifts worth less than $480 are removed from the president's possession.

And what about Boeing?

Trump had ordered two 747-8s from Boeing to replace Air Force One before the end of 2024. But in February, faced with delays and difficulties on the part of the manufacturer, he raised the idea of sourcing them "from another country." That same month, he visited a Qatari 747-8 near Mar-a-Lago.

A few days after Boeing announced a further delay (now to 2027), the press revealed Qatar's offer. This was a humiliation for Boeing, but Trump was compensated with a record contract signed in Qatar.

Trump and ethics: a fine line

Donald Trump claims he does not want to use the aircraft for personal purposes and presents the offer as recognition of the United States' role in defending the Gulf countries. But ethics remain a recurring problem for the 46th president of the United States.

Here is a brief reminder of some of the conflicts of interest Donald Trump has been accused of:

  • Cryptocurrencies $TRUMP and $MELANIA, from which he is said to have received over $300m while his administration is responsible for regulating the sector.

  • Numerous real estate projects in the Middle East raise questions about the possible alliance between public and private interests.

  • Trump administration spending at his own hotels abroad

We could also mention his Truth Social network, products bearing his image, and, of course, any political decisions that could benefit his business interests. But doing so would only reignite the question of whether a billionaire businessman is fit to lead a country.

A gift of such value is never given without an ulterior motive. Qatar is not showing pure generosity: something in return is inevitably expected. The White House spokesperson insists that it would be a mistake to think otherwise, knowing Donald Trump as they do. But we all know the saying, that old reflex of mistrust: if it's free, you're the product.

Another four years?

Donald Trump said on Monday that he would not seek a third term. Some will say, thank goodness. But between now and then, every week seems to bring its share of controversy. At MarketScreener, we are following it all with a keen eye and a mocking pencil in our cartoon of the week.

Drawing by Amandine Victor