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Michael Novakhov – SharedNewsLinks℠: Trump to restart foreign deals, breaking a post-presidency norm

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Trump’s family has made no secret about its desire to eventually pursue new overseas business ventures.

The president’s sons, Donald Trump Jr. and Eric Trump, have repeatedly said the company has lost significant amounts of money because of their father’s presidency and vowed they would be back developing properties once their dad leaves office.

Eric Trump told an Argentinian news site in January 2019 that they will start looking at foreign business ventures when his father leaves office.

“We will consider the options,” he said. “Every day we have many offers.” In June, he told The Wall Street Journal the company wants to focus on overseas luxury hotels after Trump’s presidency.

In 2018, Donald Trump Jr. spent several days in India promoting the family’s existing developments, bringing in millions of dollars in new sales.

“After politics, we would certainly look at India and other markets,” Trump Jr. told the Indian newspaper Mint in 2019. But India, he said, “would be a big focus of mine. Frankly, it would be easier for me to get going in India because of the relationships we have built up in the last decade.”

Despite Trump’s pledge not to engage in foreign deals while he was president, Trump received more than $200 million in income from his interests in foreign countries since 2016, according to an analysis from OpenSecrets, which tracks money in politics. And, the group found, Trump held up to $150 million in foreign assets at the end of 2019.

Trump’s finances are also tied up in potential court cases.

The New York Attorney General’s Office is investigating whether Trump and his company misreported assets on financial statements used to seek loans, tax breaks and economic benefits. Manhattan District Attorney Cyrus Vance is looking into whether Trump paid off two women to keep them quiet about extramarital affairs as well as possibly tax crimes and bank and insurance fraud, according to court filings.

“The president does not feel bound by actual legal prohibitions much less merely ethical or moral ones,” said Rep. Jamie Raskin (D-Md.), a member of the House Oversight Committee. “We can expect that he will continue to operate his business in conjunction with foreign businesses and governments.”

Michael Novakhov – SharedNewsLinks℠