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The Trump Organization is working on creating an ethics policy that will include some restrictions on deals, but will not completely ban foreign transactions. This policy is anticipated to be less restrictive than the one implemented eight years ago.
Written by Eric Lipton, Ben Protess, and David Yaffe-Bellany.
For almost ten years, Eric Lipton and Ben Protess have been reporting on the Trump family business. Meanwhile, David Yaffe-Bellany specializes in covering the cryptocurrency sector.
Eric Trump will be speaking at a cryptocurrency conference in Abu Dhabi next week, along with other speakers who are celebrating the success of Bitcoin. His appearance at the event will also serve as a way to show that the Trump Organization is ready to do business.
After Donald J. Trump won the election, his family business is preparing to take advantage of his presidency by starting new projects, as reported by the New York Times after looking at financial records and speaking with sources familiar with his finances. This time around, the Trump Organization plans to implement a less strict ethics plan that won’t hinder its expansion as much as it did during his first term.
With the inauguration coming up, Eric Trump, the second son of Mr. Trump and the leader of the company, is anticipated to avoid making deals with foreign governments. However, he does not intend to uphold the company’s previous commitment from eight years ago to avoid all other foreign deals while his father is in office.
If the guardrail put in place by the Trump Organization’s 2017 ethics plan was removed, the company would have the opportunity to make money from various business ventures in countries that are important to American foreign policy. Eric Trump engaged in real estate transactions in Vietnam, Saudi Arabia, and the United Arab Emirates before Election Day, and has also expressed interest in developing new hotel projects in Israel and other countries in regions such as the Middle East, Latin America, and Asia.
The Trump family is expanding their connections with foreign countries beyond their real estate ventures.
A new cryptocurrency platform called World Liberty Financial, with the involvement of the Trump family, has recently secured a significant investment from a Chinese entrepreneur. This deal has the potential to earn the family approximately $22 million. Additionally, the president-elect’s social media company, which is his main source of wealth and is publicly traded, is also considering foreign investments.
The Trump Organization’s new business ventures will be monitored by government regulators chosen by the president. This highlights the increased complexity of conflicts of interest compared to Trump’s first term. Similar to the previous administration, the Trump Organization will have more freedom to pursue new deals that may raise concerns about the separation between the presidency and business interests.
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