America first or family first? Trump's $1.6 billion deal set to profit his sons

A US-Kazakhstan agreement to develop a massive tungsten mine is facing scrutiny after businesses connected to the Trump and Lutnick families positioned themselves to profit from the deal.

In Short

• US-Kazakhstan tungsten deal faces scrutiny over Trump, Lutnick family links
• Deal grants US access to large tungsten reserve, key for defence tech, semiconductors
• Trump Jr., Eric Trump, Lutnick-related firms gained stakes during government talks

A major agreement between the United States and Kazakhstan to develop one of the world's largest untapped tungsten deposits has now landed in hot water after revelations were made about businesses linked to the families of President Donald Trump and Commerce Secretary Howard Lutnick stand to benefit from the project.

The agreement gives Washington access to one of the undeveloped tungsten deposits, which is used in missile warheads, fighter aircraft, semiconductors and defence technologies. Before the deal was finalised, the Trump administration was prepared to back the project with up to $1.6 billion in federal financing. Within weeks of those negotiations, companies linked to Donald Trump Jr., Eric Trump and the family of Commerce Secretary Howard Lutnick acquired financial interests in entities connected to the Kazakhstan mining project.

HOW THE DEAL CAME TOGETHER

The breakthrough happened during a meeting at New York's St. Regis Hotel in September 2025, when Commerce Secretary Howard Lutnick sat down with Kazakhstan's President Kassym-Jomart Tokayev.

According to executives involved, President Trump joined the discussion by phone and personally helped persuade Tokayev to greenlight the mining project after months of back-channel talks between Washington and Astana.

The agreement was formally signed in Washington on November 6, granting Kaz Resources access to one of the largest undeveloped tungsten reserves on the planet. The company projects the site could eventually produce around 12,000 metric tonnes of tungsten per year, which is roughly equal to America's entire annual imports.

The timing is no coincidence. China currently dominates the global tungsten market and has grown increasingly restrictive with its export controls on critical minerals. In response, Washington has been aggressively supporting projects that could ease America's reliance on Chinese supplies, which are vital for advanced defense technologies.

WHERE THE FAMILY LINKS EMERGED

Documents reviewed by The New York Times show that private investment activity closely tracked the government negotiations.

Just weeks after the St. Regis meeting, Dominari Securities, which is an investment firm based in Trump Tower and partly owned by Donald Trump Jr. and Eric Trump -- joined other investors in acquiring a 20 per cent stake in a company tied to the Kazakhstan venture.

Around the same time, Cantor Fitzgerald, the powerful investment bank formerly led by Howard Lutnick and now overseen by his sons Brandon and Kyle, helped one of the project's lead investors, ASP Isotopes, raise $210 million in fresh capital. Such deals typically generate millions in fees for the bank.

Corporate filings reveal a clear investment web connecting the Trump sons, the Lutnick family, Dominari Securities, ASP Isotopes, and Kaz Resources. While the White House was negotiating access to Kazakhstan's strategic minerals, companies linked to both families were quietly positioning themselves to profit from the project.

It is worth noting that the Kazakhstan agreement was signed just six days after a major investment involving the Trump-linked entities.

THE NETWORK OF BUSINESS TIES

The Kazakhstan deal is not an isolated case. According to the Times, companies connected to the Trump or Lutnick families have financial interests in at least 14 mining ventures that are actively pursuing projects backed by the US government. Altogether, these companies have received or are seeking more than $8.9 billion in federal financing or regulatory approvals.

This fits into the Trump administration's drive to secure reliable supplies of critical minerals. Since returning to office, federal agencies have approved or conditionally backed billions of dollars in loans and guarantees for mining projects around the world.

However, the overlap between official decisions and private investments demands closer examination.

"Congress needs to make sure that taxpayer dollars are being used in the public's interest and not to benefit family members or those closely tied with the Trump administration," Representative Maxine Dexter told The NYT.

WHITE HOUSE DENIES WRONGDOING

The White House rejected any allegations that government decisions were influenced by family business interests.

"The only special interest guiding the Trump administration's decision-making is the best interest of the American people," White House spokesman Kush Desai said, as quoted by The NYT.

"Securing and reshoring America's critical supply chains has been a top priority for President Trump, and Secretary Lutnick along with the rest of the administration continue to take historic action to safeguard America's national and economic security," he added.

The Commerce Department also said that Howard Lutnick had sold his ownership stake in Cantor Fitzgerald and that neither he nor department officials had discussed government financing with the bank. Cantor Fitzgerald issued a similar statement, saying it had not participated in any government funding decisions involving its mining clients.

On the deal, Kaz Resources Executive Chairman Pini Althaus said discussions with US officials had actually begun during the Biden administration and denied that political connections drove the project forward.

He admitted that the Trump family's financial links could raise questions but insisted they had no influence on the negotiations.

Eric Trump described himself as "a passive investor with absolutely no management role."

The federal funding has yet to receive final approval, and construction on the mine is still some way off. As the mine moves towards production, scrutiny is likely to focus as much on the people who stand to benefit as on the tungsten beneath the ground.

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