The Trump family business announced on Friday a voluntary ethics agreement permitting deals with private foreign companies, marking a notable departure from the restrictions set during Donald Trump’s first term as U.S. president.
While the Trump Organization’s new “ethics white paper” prohibits direct agreements with foreign governments, it allows partnerships with private firms overseas. This represents a shift from the six-page ethics pact signed eight years ago, which barred both foreign government and company deals.
“The Trump Organization is dedicated to not just meeting but vastly exceeding its legal and ethical obligations during my father’s presidency,” said Eric Trump, the company’s executive vice-president.
The Trump Organization has already signed deals for hotels and golf resorts in Vietnam, Saudi Arabia, and the United Arab Emirates, raising concerns from ethics experts about potential conflicts of interest. Critics fear that the family’s business ventures could influence U.S. foreign policy, especially with additional plans to expand into Israel and other markets.
Ethics Concerns Over Expanding Ventures
The company has also drawn attention to its financial interests in two publicly traded businesses: Trump Media & Technology Group, which owns the social media platform Truth Social, and a cryptocurrency enterprise, World Liberty Financial. Both ventures could potentially attract foreign investments.
Kathleen Clark, a government ethics lawyer at Washington University School of Law, warned, “The scale of corruption will be orders of magnitude greater than what we saw in the first Trump administration.” She added that individuals seeking favor with Mr. Trump could exploit his ventures through investments in crypto and real estate.
To address concerns, the Trump Organization has hired William A. Burck, a managing partner at Quinn Emanuel LLP, to evaluate deals that may conflict with public policy. A similar vetting process was in place during Mr. Trump’s first term.
A Legacy of Ethical Scrutiny
During his first presidency, Mr. Trump pledged to avoid conflicts of interest but faced criticism for leveraging his properties for political and business gain. His Washington hotel became a hotspot for lobbyists and foreign diplomats, raising questions about violations of the Constitution’s emoluments clause.
While the Supreme Court declined to rule on these alleged violations after Mr. Trump left office, citing the matter as moot, the expanded business activities could reignite similar concerns.
Trump’s new cryptocurrency venture, World Liberty Financial, adds another layer of complexity. Despite his past skepticism of cryptocurrency, Mr. Trump recently pledged to position the U.S. as the “crypto capital of the planet.” He has also nominated cryptocurrency advocates Howard Lutnick and Scott Bessent for key administration roles.
As Mr. Trump prepares for his second term, critics remain wary of how his sprawling business empire could influence his presidency, while the Trump Organization continues to pursue its global expansion.
