Trump has exercised broad clemency authority throughout his second term, issuing over 1,700 pardons and commutations by mid-2026. This includes a large-scale grant covering roughly 1,500 January 6 cases on his first day back in office, followed by targeted actions such as the roughly 17 pardons on July 3 for Clean Air Act violations and a political donor. Ongoing lobbying by connected intermediaries has produced additional grants to allies, donors, and high-profile figures, even as thousands of standard applications were denied in July. A recent congressional report documented the role of political access and contributions in shaping outcomes. With no structural limits on the president's constitutional power, trader expectations center on continued grants tied to scheduled political events, donor networks, and administration priorities through the remainder of 2026.