Trump handing business to sons, says 'no new deals' while president
President-elect Donald Trump said late Monday that no new deals will be executed with regard to his businesses while he is in White House.
Trump, in a series of tweets Monday night, said he plans to leave his businesses before his inauguration on January 20, handing over the reins to his sons, Eric and Donald Jr., and other executives.
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"Even though I am not mandated by law to do so, I will be leaving my businesses before January 20th so that I can focus full time on the presidency," he wrote.
The announcement comes after a long-anticipated press conference on the matter was postponed earlier Monday. Initially, transition officials said a more detailed announcement would come in January. Trump said he would hold a press conference in the "near future."
It is unclear whether Trump will completely divest himself of his numerous assets, which include dealings in countries all over the globe.
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The president-elect's labyrinthine business interests have been the subject of much hand-wringing leading up to the start of his presidency, but Trump has brushed off the concerns.
Tweets from New York Times reporters Maggie Haberman and Mike Grynbaum from a November meeting showed that Trump understood how his business ties could be perceived.
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"The law's totally on my side. The president can't have a conflict of interest," he said. But, he added, "My company's so unimportant to me relative to what I'm doing."
Allan Smith contributed reporting.
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