Trump has already exercised the pardon power extensively in his second term, beginning with a January 20, 2025, proclamation granting blanket clemency to roughly 1,500 January 6 defendants and targeted commutations for select leaders. Additional grants through mid-2026 have covered allies such as Rudy Giuliani and Mark Meadows, along with figures facing fraud or regulatory charges. These actions reflect a pattern of prioritizing loyalty and reversing prior prosecutions. With the resolution window extending into 2027, trader assessments focus on further grants for political associates, white-collar cases, or other pending matters before term limits or political shifts intervene. Historical precedent shows presidents often issue clusters of pardons near year-end or during transitions.