The pop singer shared Commander In Chief and promised to perform the track during the Billboard Music Awards.
The ballad, written by a team including Lovato, Eilish’s brother Finneas O’Connell and singer Julia Michaels, takes aim at Mr Trump’s handling of the pandemic and his response to social justice protests.
While the track never mentions the president by name, it makes several thinly veiled digs at Mr Trump, who is the commander-in-chief of the United States Armed Forces.
Lovato sings: “If I do the things you do I couldn’t sleep, seriously, do you even know the truth?”
And the song appears to reference both George Floyd, a black man who died after a white police officer knelt on his neck for more than eight minutes, and the coronavirus pandemic, which has so far killed more than 210,000 Americans.
Lovato asks: “How does it feel to still be able to breathe?” And she sings about the civil unrest that swept across the US following the death of Mr Floyd.
“We’ll be in the streets while you’re bunkering down,” Lovato sings.
As well as the new track, Lovato is sharing information on how to vote with fans.
Posting Commander In Chief on Instagram, she said: “I’m calling on all of you, please join me in voting for this year’s election.”
The US presidential election takes place on November 3.
The Billboard Music Awards take place in Los Angeles at 1am UK time Thursday.