President Trump is all about deals: “That’s what I do—I do deals,” he once told Bob Woodward. On the one-year anniversary of his second term, he’s vigorously pushing to make his biggest and most disruptive deal yet, one that would bring Greenland under U.S. control—and the global business community is still struggling to adapt to his approach. Here are nine of Trump’s most unconventional deals from the past year.
Nine deals that shook the business world
April 2, 2025: Reciprocal tariffs
Trump imposes “” on 57 countries, with each tariff regarded as an opening offer in a negotiation. Several countries have since reached deals. These one-on-one negotiations, unlike the multilateral system of the past 80 years, can be chaotic for companies and economies.
June 13: U.S. Steel “Golden Share”
In return for , Trump demands that the U.S. gain several powers over the company, including full control over all the board’s independent directors and vetoes over office and factory locations.
July 10: MP Materials
The U.S. pays $400 million for a large equity stake in MP and to purchase all of MP’s rare earth magnets for 10 years. The reason for the equity stake was not disclosed.
July 14: , Part 1
Trump reverses the U.S. ban on to China in exchange for Nvidia paying the U.S. 15% of the revenue.
July 23: Columbia University
The Trump administration restores $400 million of canceled federal research funding for the university under an unprecedented multipoint deal. For instance, Columbia must provide data to the federal government for all applicants, broken down by race, “color,” GPA, and standardized test performance. A few other schools later make similar deals.
August 6: Apple
At a public appearance with Trump, CEO Tim Cook announces in the U.S. over four years; Trump announces Apple will be exempt from a planned tariff on imported chips that would have doubled the price of iPhones in the U.S.
August 22: Intel
Intel trades a 9.9% equity stake to the U.S. government in exchange for $8.9 billion that might already be owed to Intel under the CHIPS and Science Act. The deal is unusual because the company was not in immediate danger or significantly affecting the economy.
December 8: Nvidia, Part 2:
Trump reverses the U.S. ban on selling powerful Nvidia H200 chips in exchange for Nvidia paying the U.S. 25% of the revenue. Both Nvidia deals are unusual because the payments to the U.S., based on exports, seem to be prohibited by the Constitution.
December 19: Pharma
Nine pharmaceutical companies make deals with Trump that aim to lower drug prices. This is unusual because Trump negotiated separate deals with each company, and the terms have not been released.
All eyes this week will be on President Trump at the World Economic Forum in Davos, where the president has hinted he’ll announce some high-stakes agreements. Expect the unexpected.
A version of this piece appears in the February/March 2026 issue of .