Transition of power from
Transition of power
Transition of power
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The Trump Organization is set to release an ethics policy that will include some limits on deals, but will not completely ban foreign transactions. This policy is expected to be less restrictive than the one put 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. Meanwhile, David Yaffe-Bellany focuses on covering news related to cryptocurrency.
Next week, Eric Trump will be speaking at a cryptocurrency conference in Abu Dhabi, where he will be among a group of speakers discussing the current success of Bitcoin. This event will also serve as a chance for the Trump Organization to showcase that they are ready to do business.
Following Donald J. Trump’s win in the election, his family business is set to take advantage of his presidency by exploring new business opportunities. A review of financial records by The New York Times and interviews with individuals familiar with his finances suggest that the Trump Organization plans to pursue new ventures. Unlike in his previous term, sources indicate that the organization intends to implement a less restrictive ethics plan that may not hinder its expansion significantly.
With the inauguration coming up, Eric Trump, the second son of Mr. Trump and the person in charge of the company, is likely to avoid making deals 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 while his father is in the White House.
If the guardrail, which was a key component of the Trump Organization’s ethics plan in 2017, is removed, the company would have the opportunity to benefit financially from doing business in countries that are significant to American foreign policy. Prior to the election, Eric Trump engaged in real estate transactions in Vietnam, Saudi Arabia, and the United Arab Emirates, and has also expressed interest in developing new hotels in Israel and various other countries in the Middle East, Latin America, and Asia.
The Trump family is expanding their reach by forming connections with foreign entities outside of their real estate ventures.
A recently established cryptocurrency platform called World Liberty Financial, which was founded with the involvement of the Trump family, has received a significant investment from a Chinese entrepreneur. This investment 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 open to foreign investment.
The new business opportunities, which will be monitored by government regulators chosen by the president, show that the company’s recent growth has led to even more conflicts than in Trump’s first term. Just like during Trump’s presidency, the Trump Organization will have more freedom to seek out new deals in the second term, potentially creating confusion between the presidency and the business.
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