Trump's £3.8m Gold Card Sparks Outrage as Market Meltdown Wipes Out £1.5 Trillion

US President Donald Trump revealed a sample of his new £3.8 million ($5 million) gold card, which is expected to be officially released in the next two weeks. The gold card allows foreigners to secure citizenship in the US. The credit card-sized gold coloured card features a visa design and says 'The Trump Card' with his portrait on the side.

Trump told reporters aboard Air Force One that it was 'pretty exciting' as he debuted the gold card for the first time. He jokingly asked if anyone wanted to buy one before a question-and-answer session.

'For $5 million, this could be yours,' Trump said. 'It's the Gold Card. The Trump Card Gold Card. I'm the first buyer,' and this would be out 'in about two weeks.'

His statements come as sweeping reciprocal tariffs battered US markets yesterday. The S&P 500 fell by 4.84% or 274 points to 5,396, while the Dow Jones dropped hard by almost 4% or 1,679 points to 40,545. Furthermore, the Nadaq Composite declined the most, with a roughly 6% fall to 16,550. The new tariffs, which didn't spare dozens of America's critical trading partners, pose downside risks to economic expansion. Analysts worry these economic policies will increase inflation, consumer prices, and unemployment rates while the US GDP takes a hit.

When Trump was questioned about the tariffs, he replied, 'So it's a sick patient. It went for an operation on Liberation Day. And it's going to be, it's going to be a booming country, a very booming country, is going to be amazing.'

Almost $2 Trillion Wiped out From the Market Crash

The fall of the benchmark indexes, where millions of Americans invest, had the worst session since mid-2020, wiping out £1.53 trillion ($2 trillion) in value. 'I haven't checked my 401k,' Trump said. Historically, market crashes like these where the value of their 401(k)s dip has led to panic-induced investment decisions, impacting long-term financial and retirement goals, which many fail to recover from.

Meanwhile, Trump's assets are tied to his real estate and golf holdings alongside a media firm he incorporated during his Presidential campaign. Economists have simmered their financial outlooks for 2025 as diverse industries, including automotive, staples, and telecom, face headwinds in the near future.

Trump Announced the Gold Card in February

The President unveiled the costlier gold card program in February despite the existing EB-5 program that enables foreign investors to apply for a special visa if they invest £767,840 ($1 million) in economically distressed zones.

'We're going to be selling a gold card,' Trump had said during his first announcement. 'You have a green card. This is a gold card. We're going to be putting a price on that card of about $5 million, and that's going to give you green card privileges, plus it's going to be a route to citizenship. And wealthy people will be coming into our country by buying this card.'

In recent times, the value of the green card has come under scrutiny as the Trump Administration ramps up its immigration crackdown, and reports of green card holders being detained at entry points have emerged.

There are also signs that Trump could plan to put his face on the currency while he is still alive. Trump ally Representative Joe Wilson of South Carolina is backing legislation to put his face on a new £192 ($250) bill. However, a congressional appropriation after the Civil War limited bonds, securities, notes, and postal currency to people who had passed away.