Trump has exercised the pardon power extensively during his second term, issuing a blanket clemency for roughly 1,500 January 6 defendants on inauguration day and granting additional individual pardons and commutations in batches through mid-2026, including 17 on July 3 for Clean Air Act violations and other cases. Official Justice Department records document multiple rounds in January, February, and later months, often favoring politically connected recipients while denying thousands of standard applications. Trader sentiment for markets on future pardons by a given date reflects this pattern of repeated executive action, the constitutional scope of clemency, and the absence of new procedural barriers, tempered by the possibility of pauses between announcements or shifts in priorities ahead of scheduled legislative or diplomatic events.