Trump is obviously an agent of Putin, he is not even hiding it any more. Putin probably has videos of Trump abusing minors on Epstein island or something similarly compromising.
No it’s worse than this. If it were based upon compromising info, Trump would be an UNWILLING participant. He is so invested in the Russian oligarchy money laundering for decades that he is a WILLING participant. He BELIEVES they are on the same team.
These two aren't even mutually exclusive. An idiot like Trump, upon getting blackmailed, could probably convince himself that the other guy would never release his secrets because they're such good friends.