While Donald Trump publicly campaigned for the presidency on a platform of raising tariffs on Mexico in order to force companies to move to the United States, his company was quietly doing business in Mexico, applying for a trademark for a Trump Tower in the country.

The trademark application, filed on September 9, 2024 and recently unearthed by CREW, would cover the phrase Trump Tower for real estate and financial matters. It is currently pending.

The threatened tariffs, which could “cripple trade” with Mexico, are reportedly seen as part of a larger negotiation tactic between Trump and America’s southern neighbor. As Trump now has a vested interest in the Mexican government approving his trademark request and future permits for a hypothetical Trump Tower in the country, any policy negotiations his administration has with regards to Mexico must be viewed through the lens of how it could give his business leverage. During his first term, the Trump administration held off on enacting tariffs on Argentina while it considered his trademark applications, only placing them after they had been approved.

A potential Trump Tower in Mexico would signal a further international expansion of Trump’s business empire. Since leaving office, Trump’s business has signed agreements to develop properties in Oman, Saudi Arabia and the UAE. Just this week, Eric Trump announced a new Trump Tower in Saudi Arabia.

This would not be the first time the Trump name was attached to a Mexican development. Two decades ago, the Trump Org tried to launch the Trump Ocean Resort in Baja. After taking more than $30 million in deposits, the company abandoned the project. Hundreds of investors sued, leading to a confidential settlement. As of last year, the only remaining sign of the project was a giant hole in the ground.