法蒂玛·胡塞因 华盛顿 — 根据国会民主党的一份报告，去年唐纳德·特朗普总统重返白宫后，以他名义在制药公司的投资显著增加，其投资组合新增了数百万美元的股票，这些股票来自受益于共和党支持的一项法律的公司，该法律保护某些药物免受医保价格谈判的影响。
FATIMA HUSSEIN WASHINGTON — Investments in pharmaceutical companies made on behalf of President Donald 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.
该报告由联合经济委员会少数派机构于周五发布，发现特朗普的制药股票持仓从2024年报告的最高价值170万美元增长至2025年底的最高5620万美元。报告称，其中包括最高达3910万美元的股票，这些股票持有于受益于医保药品谈判计划豁免的公司，该豁免来自共和党2025年税收和支出法的一项条款。
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 Republicans’ 2025 tax and spending law .
委员会民主党人提供的对特朗普财务披露的进一步分析显示，他在签署该立法之前的2025年7月三个日期里，其投资组合购买了最高达255万美元的受益于豁免的制药公司股票。其中包括2025年7月1日（参议院通过法案的当天）最高达95万美元的买入。他的投资组合还在2025年8月购买了最高达100万美元的艾伯维股票，当时该法案已成为法律。
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.
共和党总统自去年上任以来，其财富通过一系列商业利益网络增长，其中许多利益受益于其政府的政策举措。白宫一再否认任何道德问题，并指责民主党“试图制造利益冲突”。该报告还指出，该豁免政策可能导致一些医保受益人为某些癌症治疗和其他药物支付数千美元更多的费用，而如果医保被允许谈判降低价格的话，他们原本不需要承担这些额外费用。
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.
这些发现出现在特朗普将降低处方药成本作为其医疗政策核心部分之际，他的政府表示，与制药公司达成的协议将使美国人的药物更加负担得起，尽管药物定价基于一套复杂的因素。
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 .
美联社-NORC公共事务研究中心最近的民意调查显示，大多数美国人认为特朗普正以不道德或非法的方式从总统职位中获利，并且他更关注自己的财富，而不是帮助像他们这样的人。
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.
领导联合经济委员会少数派部分的民主党参议员玛吉·哈桑称该报告的发现“令人愤怒，但却是这位总统的典型表现，他一次又一次地让美国人民为自己的利益买单。”白宫发言人戴维斯·英格尔表示，特朗普的股票和债券投资组合由第三方金融机构独立管理。他否认存在任何利益冲突。
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.
“特朗普总统及其家庭成员均无权指导、影响或就该投资组合的投资方式或买卖时机提供任何意见，”英格尔在一份声明中表示。
“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.
乔·拜登总统的民主党政府通过的一项法律首次允许医疗保险谈判一些最昂贵处方药的价格。根据医疗保健研究非营利组织KFF的报告，共和党人的2025年税收和支出法案扩大了现有的豁免条款，该条款适用于用于治疗罕见疾病或状况的药物，从而推迟了某些昂贵药物参与谈判的时间，或完全将其排除在外。
A law from President Joe 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.
也被称为孤儿药豁免条款的这一例外规定，允许药企继续收取原本可能通过医疗保险谈判而被降低的高额价格。
Also known as the orphan drug exclusion, the carveout allows drug companies to continue charging lucrative prices that might otherwise have been reduced through Medicare negotiations.
支持改革的人士认为，更广泛的豁免将鼓励制药公司为罕见疾病开发治疗方法。批评者则表示，这使得畅销药的生产商能够规避谈判，而这些谈判本来可以降低医疗保险及其受益人的药品成本。
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.
该报告估计，接受默克公司生产的抗癌药物Keytruda和百时美施贵宝生产的Opdivo的医疗保险受益人，若医疗保险为这些药物谈判价格，他们每年可能需要多支付大约5000美元。特朗普的投资组合包含这两家公司的股票。
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.
报告还称，特朗普的投资组合在2026年头八个月持续买卖制药公司股票，使其在该领域的股票财富增加了多达350万美元。
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.