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The Trump Organization is creating an ethics policy that will include some restrictions on deals with foreign entities, but it will not be as strict as the limitations they had in place eight years ago.
Written by Eric Lipton, Ben Protess, and David Yaffe-Bellany
Eric Lipton and Ben Protess have been reporting on the Trump family business for almost ten years. David Yaffe-Bellany focuses on covering the cryptocurrency industry.
Eric Trump will be speaking at a cryptocurrency conference in Abu Dhabi next week, alongside other speakers who are praising the current success of Bitcoin. His appearance will also serve as a way to show that the Trump Organization is ready and available for business.
Following Donald J. Trump’s win in the election, his family business is looking to take advantage of his presidency by launching new projects, as reported by the New York Times after examining financial documents and speaking with individuals familiar with his finances. Unlike during his previous term, sources suggest that the Trump Organization plans to implement a less strict ethics plan that will not hinder its expansion significantly.
With the inauguration nearing, 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 company’s previous commitment from eight years ago to refrain from all other foreign deals during his father’s presidency.
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 important to American foreign policy. Leading up to the election, Eric Trump engaged in real estate transactions in Vietnam, Saudi Arabia, and the United Arab Emirates. He has also expressed interest in developing new hotel projects in Israel and various other countries in the Middle East, Latin America, and Asia.
The Trump family is expanding their connections in foreign countries outside of their real estate ventures.
A newly established cryptocurrency platform called World Liberty Financial, which had involvement from the Trump family, has received a significant investment from a Chinese entrepreneur. This deal has the potential to earn the family approximately $22 million. The president-elect’s social media company, which is his main source of wealth and is publicly traded, is also accepting investments from foreign entities.
The new business opportunities, which will be monitored by government regulators chosen by the president, show how the company’s recent growth has led to more conflicts than in Trump’s first term. Similar to the Trump administration, the Trump Organization will have the freedom to pursue new deals in the second term, potentially creating confusion between the presidency and the business.
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