Transition of power from
Transition of power
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The Trump Organization is working on creating an ethics policy that will include some restrictions on deals involving foreign entities. However, it is not expected to impose as many limitations as it did back in 2008.
Written by Eric Lipton, Ben Protess, and David Yaffe-Bellany.
For almost ten years, Eric Lipton and Ben Protess have been writing about the Trump family business. David Yaffe-Bellany focuses on reporting about the cryptocurrency industry.
Next week, Eric Trump will speak at a cryptocurrency conference in Abu Dhabi alongside other speakers who are enthusiastic about the current success of Bitcoin. His appearance will also serve as a chance to show that the Trump Organization is ready to engage in business opportunities.
Following Donald J. Trump’s election win, his family business is ready to take advantage of his position as president by pursuing new business opportunities. Financial records reviewed by the New York Times and interviews with individuals familiar with his finances suggest that the Trump Organization plans to expand without being restricted by a comprehensive ethics plan, unlike during his first term.
With the inauguration drawing near, Eric Trump, the second son of Mr. Trump and the unofficial leader of the company, is anticipated to avoid making deals directly with foreign governments. However, he does not intend to uphold the commitment the company made eight years ago to refrain from all other foreign deals while his father is in the White House.
If the guardrail put in place by the Trump Organization in 2017 were removed, the company could potentially benefit financially from conducting business in countries that are crucial to American foreign policy. Prior to the Election Day, Eric Trump engaged in real estate agreements in Vietnam, Saudi Arabia, and the United Arab Emirates, and has also expressed a desire to pursue hotel ventures in Israel and various other nations in the Middle East, Latin America, and Asia.
The Trump family is expanding their connections with foreign countries beyond their real estate ventures.
A cryptocurrency platform called World Liberty Financial, which was co-founded by the Trumps, has recently secured a profitable investment from a Chinese entrepreneur. This deal has the potential to earn the family around $22 million. Additionally, the president-elect’s social media company, which is his main source of wealth, is also open to investments from foreign entities.
The Trump Organization’s recent expansion has led to the creation of new ventures that will be overseen by federal regulators chosen by the president. This further complicates the conflicts of interest that existed in Trump’s first term. In the second term, the Trump Organization will have more freedom to pursue new deals, potentially leading to a blurred line between the presidency and the business.
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