Reliance Industries invested at least $100 million in America First Refining at a $1 billion valuation in March 2026, after Donald Trump Jr. secretly acquired a stake in the firm. The Trump administration doubled tariffs on India to 50% in August 2025, then struck a February 2026 trade deal lowering tariffs and gave Reliance a license to buy Venezuelan oil. John Willding registered TX Fuels, LLC in June 2025 listing Donald Trump Jr.'s Jupiter, Florida mansion as the address.
Trump Jr. refinery stake
- ▪Donald Trump Jr. joined America First Refining's leadership for a meeting in South Florida with potential investors from Saudi Arabia in early 2025, according to two people familiar with the matter
- ▪John Willding commented at a business conference in Miami in late November 2025 that he had a nice closing that morning with Donald Trump Jr., who was flying back from India that day
- ▪John Willding shared the news of the Reliance Industries investment deal on LinkedIn in March 2026, stating he was proud to have been part of this one
- ▪America First Refining filed paperwork to create America First Refining LLC in the week following Donald Trump Jr.'s November 2025 India trip
- ▪John Willding registered a new entity in Wyoming called TX Fuels, LLC in June 2025, listing the company's address as Donald Trump Jr.'s mansion in Jupiter, Florida
Ambani family investment
- ▪Reliance Industries made its investment in America First Refining at a valuation of at least $1 billion, according to America First Refining's announcement
- ▪Reliance Industries has not yet announced a Trump project despite the $10 million payment in 2024
U.S.-India tariff shifts
- ▪President Trump doubled tariffs on India to 50% in August 2025, explicitly designed to force companies like Reliance to stop buying Russian oil
- ▪White House trade adviser Peter Navarro publicly assailed India's politically connected energy titans for funding Putin's war machine in 2025, widely read as a reference to the Ambanis
- ▪The Trump administration reportedly gave Reliance Industries a license to buy Venezuelan oil in February 2026
America First Refining history
- ▪In 2022, during bankruptcy proceedings for an earlier iteration of the America First Refining project, the trustee appointed to impartially oversee the case sued John Calce
Trump family business dealings
- ▪President Trump personally announced Reliance Industries' deal with America First Refining on Truth Social in March 2026, thanking the Ambani company for its tremendous Investment
- ▪Donald Trump Jr. visited Anant Ambani in India in November 2025
- ▪Donald Trump Jr. and Anant Ambani toured the Ambanis' private zoo in late November 2025 in Jamnagar, India
- ▪Donald Trump Jr. first hired John Willding in May 2021, according to interviews John Willding has given
- ▪Mukesh Ambani came to Washington, D.C., for President Trump's second inauguration on January 19, 2025, posing with the president at a private reception
- ▪Forbes estimated that Donald Trump Jr.'s net worth had rocketed from roughly $50 million to $300 million since the 2024 election, as of December 2025
- ▪Donald Trump Jr. and Anant Ambani performed a Gujarati folk dance together at night in late November 2025 in Jamnagar, India
- ▪Reliance Industries paid $10 million to the Trump Organization in 2024 as a development fee for a project in Mumbai, according to President Trump's financial disclosure
- ▪Ivanka Trump attended Anant Ambani's wedding party in India in 2024, where guests were treated to a Rihanna concert
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