President Donald Trump, who as soon as declared he had “saved” flavored vapes, grew his inventory holdings this yr to as a lot as $1.64 million in tobacco big Philip Morris.
He additionally had holdings in Altria and a 3rd main tobacco firm, although an obvious discrepancy in his disclosures clouds the extent of his investments. In 2025, tobacco pursuits donated $6 million to MAGA Inc., an excellent PAC that helps the president, and Trump’s inauguration. And, on April 30, every week earlier than FDA steerage that supplied a essential enhance to the business, Reynolds American dropped an extra $5 million into the tremendous PAC’s coffers.
The inventory trades and political contributions occurred because the Trump administration pursued a broadly pro-tobacco agenda: Its FDA piloted a fast-track program to approve nicotine pouches. It unveiled a program to permit vapes available on the market extra quickly, regardless of resistance from profession civil servants and management, culminating this yr in steerage waving by flavored digital cigarettes. It reduce public well being staff specializing in anti-tobacco coverage. And it broadened enforcement in opposition to illicit e-cigarettes, opponents to the large business gamers with a monetary relationship to Trump.
It quantities to probably the most pro-tobacco, pro-nicotine presidency in a while — a outstanding coverage given the tens of tens of millions of deaths cigarettes prompted in the course of the twentieth century. Even in recent times, anti-smoking teams say a half-million Americans a yr die from cigarettes. Industry advocates say the toll helps justify a shift to e-cigarettes and nicotine pouches, which they are saying are much less dangerous. However, public well being advocates say these merchandise carry their very own dangers, akin to dependancy.
Lawmakers and public well being leaders have criticized the current FDA steerage and approvals as a “lucrative payday” that ignored scientific proof to ship what funding analysts have described as “very positive” steps for influential tobacco firms.
The scale of the cash is “unprecedented and problematic,” mentioned Brian King, who was pushed out of the FDA’s tobacco workplace final April and now works as an govt on the Campaign for Tobacco-Free Kids. He fears that steering public coverage towards tobacco — nonetheless addictive and dangerous to well being — places Americans in danger.
“It’s a gift on a platter with a side of public health malpractice,” he mentioned.
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The White House didn’t touch upon the president’s investments or business donations to MAGA Inc. Spokesperson Kush Desai mentioned, “The only guiding factor behind the Trump administration’s health policymaking is Gold Standard Science. FDA’s regulatory treatment of nicotine pouches and vapes is rooted in recent evidence that has found that these products can help adults quit smoking.”
Philip Morris disputed any connection. Company representatives “regularly attend events and forums where we share our commitment to improving public health in the United States,” spokesperson Samuel Dashiell mentioned, “starting with providing better options to America’s 45 million legal-age nicotine consumers.”
“We do not comment on individual engagements or on the personal financial matters or disclosures of public officials,” he added.
Other tobacco firms whose inventory Trump has purchased and bought throughout his second time period or that donated to teams aligned with Trump — Juul, Reynolds American, and Altria — didn’t reply to requests for remark.
The monetary stakes are big. Investment analysts at Goldman Sachs say the newer merchandise, touted as safer, make more cash per sale than conventional cigarettes. Philip Morris expects Zyn pouches, for instance, to make eight occasions the gross earnings of its cigarettes, Goldman Sachs analysts mentioned in March 2025.
When he ran for his second time period, Trump promoted himself as a pro-tobacco candidate, posting that he had “saved” flavored vaping and that President Joe Biden and Democratic nominee Kamala Harris “want everything banned.”
Since late 2023, MAGA Inc. has obtained over $20 million in funding from the business, federal marketing campaign data present. Trump’s inauguration garnered practically $4 million extra. His ballroom challenge has disclosed donations of an unknown quantity from Altria and Reynolds American.
Recent Trump administration actions present he’s adopted by together with his marketing campaign rhetoric. In May, the FDA launched consequential guidance that permits producers to market their vapes and nicotine pouches whereas awaiting company approval. It additionally authorised a number of vaping merchandise. The month earlier than, the Vapor Technology Association, which donated $1.25 million to Trump’s inauguration, told its vape-manufacturer members it had met with the White House to debate its considerations.
By that time, Trump had gone on a stock-purchasing spree. In March he made eight separate purchases of Philip Morris or Altria inventory, value as a lot as $275,000, based on a disclosure kind that bears Trump’s signature.
It is troublesome to be exact about Trump’s tobacco investments, as a result of the monetary disclosures present solely ranges of funding quantities. They even have an obvious discrepancy. In January, the president bought $500,000 to $1,000,000 in Altria inventory. But that’s complicated as a result of earlier disclosures didn’t present Trump held that a lot fairness in Altria. The White House declined to touch upon the matter.
The FDA’s May steerage and approvals drew condemnation from public well being leaders, who fear that the company is permitting merchandise with flavors particularly interesting to younger individuals. “After years of recognizing the dangers flavored e-cigarettes pose to youth, it is deeply troubling to see FDA ignore the scientific evidence and reverse course,” American Lung Association CEO Harold Wimmer mentioned in a published statement.
“I think it’s blatantly illegal, both on its merits and also procedurally, because it was issued as a final guidance without even giving the public an opportunity to comment on it,” mentioned Mitch Zeller, a former head of the FDA’s tobacco heart.
A gaggle of Democratic senators known as the choice a “a free pass to addictive and harmful vapes” in letters to Reynolds American and Altria. It would result in “a lucrative payday after years of unsuccessful legislative and regulatory efforts to weaken federal tobacco oversight,” they concluded.
Members of Congress are barred from insider buying and selling, and plenty of legislators want to see buying and selling of particular person firm shares banned for all members. In the wake of Trump’s most up-to-date monetary disclosures, with revelations that he typically traded in companies manufacturing GLP-1 medicine earlier than his administration steered coverage in a positive path, some members are calling for the president, too, to be barred from inventory buying and selling.
Trump’s tobacco insurance policies have garnered favorable grades from traders. At Goldman Sachs, bankers described the May FDA steerage as “very positive” for Philip Morris and “a significant step in the FDA’s positioning toward enforcement and acceptance of nic pouch (as well as e-vapor) innovation generally.”
And Barclays analysts mentioned the FDA’s steerage was excellent news for Juul, a number one vape producer. (In November, the corporate contributed $1 million to MAGA Inc.)
FDA resistance to rushing up approvals for these merchandise reportedly contributed to the ouster of company commissioner Marty Makary, who didn’t reply to requests for remark. According to The New York Times and The Wall Street Journal, the White House repeatedly intervened within the approval course of.
“I served during the entire first Trump administration as center director, and there was never any pressure from any political appointee at FDA, at HHS, or the White House when it came to application review,” Zeller mentioned.
But current modifications in FDA coverage may be traced to the entry tobacco corporations have needed to the White House, he mentioned.
By and enormous, the Trump administration has delivered on business priorities. Soon after the inauguration — which tobacco firms had donated closely to — the administration withdrew a Biden-era proposal to ban menthol cigarettes. The administration has eased the trail for nicotine pouches like Zyn, which had been first authorised underneath Biden. Investment analysts considered authorities crackdowns on illicit e-cigarettes positively: Barclays wrote in January that “company commentary on enforcement has also been upbeat, suggesting that the tide could begin to turn in favour of the legal players in the market.”
What’s extra, the Trump administration’s authorities layoffs have decimated public well being’s tobacco management places of work. The work of the Centers for Disease Control and Prevention’s workplace of smoking has been sharply curtailed; its flagship “Tips From Former Smokers” marketing campaign, which seeks to influence viewers to not smoke, has been off the air for months, King mentioned.
“It’s not difficult to see that less dollars invested in prevention and control is going to lead to more tobacco product use and tobacco-related disease,” King mentioned, particularly given the federal government’s decades-long success in lowering cigarette utilization.
The shift is especially ironic given the administration’s focus — by its Make America Healthy Again slogan — on persistent illness. “Attempting to combat chronic disease without tobacco control is like attempting a triathlon without a bicycle: You are destined for failure before leaving the starting line,” King concluded.
