exemption

WASHINGTON — Investments in pharmaceutical companies made on behalf of President Trump increased significantly after he returned to the White House last year, with his portfolio adding millions of dollars in stock in firms that benefited from a Republican-backed law that shields certain medications from Medicare price negotiations, according to a report from congressional Democrats.

The report, released Friday by the Joint Economic Committee’s minority arm, found that Trump’s pharmaceutical stock holdings grew from a maximum reported value of $1.7 million in 2024 to as much as $56.2 million at the end of 2025. The report said that included up to $39.1 million worth of stock held in companies that benefited from exemptions to Medicare’s drug price negotiation program, which came through a provision in the Republicans’ 2025 tax and spending law.

Additional analysis of Trump’s financial disclosures provided by committee Democrats showed that his investment portfolio bought as much as $2.55 million in shares of pharmaceutical companies benefiting from the exemptions on three dates before he signed the legislation in July 2025. That included up to $950,000 in purchases on July 1, 2025, the day the Senate passed the bill. His portfolio also bought as much as $1 million in AbbVie stock in August 2025, after the bill became law.

The Republican president’s wealth has grown since he took office last year through a web of business interests, many of which have benefited from the policy moves of his administration. The White House has repeatedly denied any ethics issues and accused Democrats of “attempts to fabricate conflicts of interest.”

The report also noted that the exemptions policy could leave some Medicare beneficiaries paying thousands of dollars more for certain cancer treatments and other medications than they would have if Medicare had been allowed to negotiate lower prices.

The findings come as Trump has made lowering prescription drug costs a central part of his healthcare policy, striking deals with pharmaceutical companies that his administration says will make medications more affordable for Americans, although drug pricing is based on a complicated set of factors.

Recent polling from the Associated Press-NORC Center for Public Affairs Research shows that most Americans think Trump is profiting off the presidency in unethical or illegal ways and is focused more on his wealth than on helping people like them.

Democratic Sen. Maggie Hassan, who leads the Joint Economic Committee’s minority arm, called the report’s findings “outrageous and yet typical from this president, who makes the American people foot the bill again and again for his own gains.”

Davis Ingle, a White House spokesperson, said Trump’s stock and bond portfolio is independently managed by third-party financial institutions. He denied any conflict of interest.

“Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold,” Ingle said in a statement.

A law from President Biden’s Democratic administration allowed Medicare for the first time to negotiate prices for some of the costliest prescription drugs. Republicans’ 2025 tax and spending bill expanded an existing exemption for medications developed to treat rare diseases or conditions, delaying when certain costly drugs could become eligible for negotiations or excluding them entirely, according to healthcare research nonprofit KFF.

Also known as the orphan drug exclusion, the carve out allows drug companies to continue charging lucrative prices that might otherwise have been reduced through Medicare negotiations.

Supporters of the change argued that a broader exemption would encourage drug companies to develop treatments for rare diseases. Critics say it allows makers of blockbuster medications to avoid negotiations that could lower costs for Medicare and its recipients.

The report estimated that Medicare beneficiaries receiving the cancer drugs Keytruda, manufactured by Merck, and Opdivo, by Bristol Myers Squibb, could pay roughly $5,000 more annually than they would if Medicare negotiated prices for the medications. Trump’s portfolio includes stock in both firms.

The report also said that Trump’s portfolio continued to buy and sell pharma company stocks throughout the first eight months of 2026, adding as much as $3.5 million in stock wealth in the sector.

All recent U.S. presidents have dumped their stocks before assuming office, put their money in broadly diversified funds or set up a “blind” trust so they couldn’t even know what they owned.

Trump has put his broader business interests in a trust managed by his sons. But the arrangement rejects the conflict of interest protections that his recent predecessors in office had instituted.

Hussein writes for the Associated Press. AP writer Bernard Condon in New York contributed to this report.

South Korea signals cuts to military exemptions for gold medallists after backlash over athletes’ Asian Games comments.

South Korea’s sports minister says the government will review the military service exemption for gold-medal-winning athletes after public backlash to some controversial comments from winners at the Asian Games.

Three players from the men’s football team came under fire for comments following South Korea’s 1-0 win over Japan in the Asian Games final last weekend in Japan.

All three apologised, but a broader debate had already reignited over whether athletes should receive special treatment for sporting achievements, particularly as common citizens, as even members of BTS – the globally famous K-pop group – had to complete their mandatory service.

Al Jazeera Sport takes a closer look at the furore surrounding the comments at the Asian Games.

Culture, Sports and Tourism Minister Choi Hwi-young on Wednesday said the alternative military service exemption system for artists and athletes “will inevitably have to be scaled back”.

“It is true that the system has contributed to helping outstanding artists and athletes maintain and develop their abilities,” Choi told the National Assembly’s Culture, Sports and Tourism Committee.

“However, the values attached to fairness and public perceptions of military service have changed. I agree that the system should be comprehensively reviewed once again.”

What does military service look like in South Korea?

Most South Korean men must complete 18 to 21 months of military service by the age of 28.

Since 1973, however, Olympic medallists and Asian Games gold medallists have been able to replace the full term with a supplementary service, which consists of three weeks of basic training.

Three of the footballers, including Yang Min-hyuk, who assisted the winning goal against Japan, made comments that were viewed as insensitive.

“The medal and winning the championship weren’t important. I played the game with only one thing in mind – the reward of a military service exemption,” Yang, who joined Tottenham Hotspur in 2025 and is currently on loan at Belgian club Westerlo, said.

Newcastle United midfielder Park Seung-soo posted a photo on social media showing him wearing a cap associated with soldiers who have completed their service. In a post-match interview, captain Lee Gi-hyuk held up his gold medal and said, “I’m not going to the military.”

What has been said elsewhere in South Korea about the controversy?

A number of politicians, including Ahn Cheol-soo of the People Power Party, said it was time to change the system.

“Some players’ remarks after the match were outrageous,” Ahn posted on social media. “Even the captain bragged about not having to serve in the military. Are all the young people who enlist every year fools?”

Former lawmaker Yoo Seong-min said the flippant comments had provoked resentment and asked: “Is it really fair that BTS has to serve in the military while Asian Games gold medallists are exempt?”

In a Korea Herald editorial on Tuesday, the newspaper declared that the practice was outdated.

“South Korea now stands shoulder to shoulder with the world’s leading nations,” the newspaper said. “The days when finishing first in Asia could meaningfully enhance the country’s national prestige are long gone. It is time to reconsider.”

That was the message from Defence Ministry spokesperson Chung Binna during a press briefing in Seoul.

“Ultimately, we have plans to cut back or scrap the supplementary service, including one designed for artists and athletes,” Chung said.

What other athletes gained military-service exemptions?

The footballers were among many winners from the Asian Games who qualified for the military exemption.

Golfer Tom Kim won the men’s singles on Saturday after flying across the Pacific when the Presidents Cup competition ended so he could compete in Japan. Asked about the military exemption, he took the gold-medal approach.

“I’m more proud that I’m able to bring a medal for my country,” he said.

Sixteen South Korean baseball players are also exempt after defeating Japan 3-1 in the Asian Games final. So are three South Koreans who won gold in esports, an event at the Asian Games.

Mahan Air is excluded from the agreement as Baghdad says Washington granted its request for a waiver.

Iraq has agreed to let Iranian airlines, except Mahan Air, operate up to 40 flights a day to and from Najaf International Airport, saying the United States granted an exemption from its sanctions.

Prime Minister Ali al-Zaidi’s office announced the agreement on Friday, a day after Tehran urged Baghdad to lift restrictions that it said hurt pilgrims, patients, students and business.

The deal eases the links between the two Shia-majority neighbours since Washington sanctioned Iran’s aviation sector last month.

Al-Zaidi welcomed the “positive response shown by the US government to Iraq’s efforts and its cooperation in granting the necessary exemption”, the statement from his office said.

“Air travel does not merely represent transportation between two airports, but rather a bridge of communication between peoples,” it added.

Separately, Iraq’s Foreign Minister Fuad Hussein said the return of flights supports an Iraqi-US partnership premised on mutual respect.

Hussein also welcomed what he described as US understanding of the importance of respecting religious freedom and facilitating access for visitors to holy sites.

Flights suspended

The US Treasury announced sanctions on September 8 against 36 entities linked to Iran’s aviation sector.

Foreign ground-handling companies then refused to service Iranian aircraft for fear of falling foul of US sanctions, and flights stopped at four Iraqi airports.

Soon after, Iraq’s government held direct talks with Washington, seeking an exemption.

Iraq’s ambassador to Tehran, Yasser al-Hajjaj, told Iran’s IRNA news agency that Baghdad had not ordered the halt in flights. The suspension also led to demonstrations outside Najaf airport and in Nasiriya, Karbala and Amarah, according to Iran’s Press TV.

Najaf is the main destination for Iranian flights in Iraq. Flights to and from the city carry Iraqi Shia Muslim pilgrims to Iran’s holy cities or Iranians visiting sacred sites in Iraq.

Iran’s ambassador to Baghdad, Mohammad Kazem al-Sadegh, told the Iranian news agency ISNA that there were “roughly 25 daily flights from Iran to Najaf and about 15 flights to Baghdad” before the ban.

“Around 12,000 to 13,000 people travel between Iran and Iraq and vice versa on Iranian airlines, which is not a small number,” he added.

In a statement shared on Thursday, Iran’s Foreign Ministry said that Washington’s “illegal and inhumane” extraterritorial enforcement of sanctions was disrupting Iran’s trade and air transport.

Restrictions remain

Flights between Najaf and Iran restarted late on Monday, according to the Iraqi News Agency.

However, flights with Iran are still suspended at Baghdad, Erbil and Sulaimaniyah airports, forcing passengers into land journeys of at least 12 hours and disrupting pilgrim traffic.

Al Jazeera has not verified the exemption with representatives in Washington.

Tom Kim topped the men’s leaderboard after the third round at the Asian Games as he seeks a gold medal that will significantly reduce the time he is required to spend in South Korea’s military.

Having started two shots off the lead, Kim hit a brilliant five-under 65 that included five birdies and an eagle, taking him a stroke clear at 12 under par with one round to play.

Able-bodied South Korean males are usually required to undertake between 18 and 21 months of military service before the age of 28.

However the government rewards Asian Games gold medals and Olympic medals of any colour with a service exemption bar basic training, which lasts less than a month.

Athletes who have previously secured the exemption include former Tottenham footballer Son Heung-min, who served for only three weeks in 2020 having won the Asian Games two years earlier.

Kim hurried from the Presidents Cup in the United States to tee off at the Kasugai Country Club in Japan, having to manage on just six hours of sleep and a 14-hour time difference.

The 24-year-old previously came close to securing an exemption at the Paris Olympics in 2024, finishing day one tied for third before ultimately finishing eighth.

Having looked visibly emotional after that result, Kim is now chasing another chance to stop military service stalling his promising career, which has already featured an Asian Tour order of merit crown and four PGA Tour titles.

The world number 32’s lead would have been larger had he not missed birdie putts on the 14th and 18th holes, but he stands clear of Taiwan’s Wang Wei-hsuan, who had led overnight, and Japan’s Kazuki Higa going into day four.

The men’s team event title offers another route for military exemption, with South Korea also topping the men’s leaderboard by one stroke.

Gold in that event will exempt Tom Kim and SH Kim, 28, regardless of the individual result, but it would come too late for the third team member, Mun Do-yeob, who has already served.

“I think about it. It’s so tough,” SH Kim said of the possibility of military service.

“I am 100% nervous, for sure. It’s a lot of pressure. I could stay on the PGA Tour (with a gold). That’s my goal.”