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Trump hands over business control to his sons
US President-elect Donald Trump says he Don Jr and Eric would be taking ove contral of the Trump business empire
Donald Trump's sons Eric (left) and Don Jr will be taking over control of the family business
Donald Trump said he has signed documents to give “complete and total” control of his sprawling business empire to his adult sons.
The President-elect’s announcement comes amid fears he could face conflicts of interest when he enters the White House.
Control of the Trump Organization is to be formally handed over by Inauguration Day on 20 January.
“My two sons, who are right there, Don and Eric, are going to be running the company,” Trump told reporters. “They are going to be running it in a very professional manner. They’re not going to discuss it with me.”
He said he had signed legal papers ”turning over complete and total control to my sons”. Under the agreement, his business assets will be held in a trust.
Don Jr and Eric currently hold executive vice-president roles at the family business.
During Trump’s term, the business will not do any new foreign deals but will be allowed to pursue domestic ones.
An ethics adviser will also be appointed and they must approve any deals that could raise concerns.
Trump’s lawyer, Sheri Dillon, said that his eldest daughter Ivanka would also have no involvement in the business after he takes office.
She is currently an executive vice-president, but due to her husband’s role as Mr Trump’s senior adviser she will step away from the business and move with her family to Washington DC.
Dillon added that Ivanka, 35, would not be taking any official role in her father’s administration for now.
Instead, her focus will be on the couple’s three children and helping them settle into their new home and schools.
She is also expected to leave her leadership role at her own fashion and jewellery business.
Meanwhile, Mexico’s peso has hit a historic low, losing 0.9%, after Trump repeated his promise to make the country pay for a border wall and to tax companies that move jobs overseas.
Trump told reporters that Mexico would reimburse the US for the construction, adding: “I don’t feel like waiting a year or a year and a half. We’re gonna start building”.
