Trump says he’s leaving businesses to focus on presidency

President-elect Donald Trump announced Wednesday morning that the will leave behind his business and redirect his focus to running the nation, saying he would provide additional updates in a mid-December press conference.

Trump is considering Goldman Sachs president chief operating officer, a former commodities trader, to head his White House budget office or to fill another position, a Trump transition official said.

The Republican sent out a series of tweets saying he will hold a news conference in NY on December 15th with his children to explain how he will separate himself “in total” from his business holdings. “We are pleased to have reached a deal with President-elect Trump & VP-elect Pence to keep close to 1,000 jobs in Indy”.

The 70-year-old property tycoon is said to be now worth United States dollars 3.7 billion by Forbes magazine, with more than 500 different enterprises in his business empire.

“We are in the process of vetting various structures with the goal of the immediate transfer of management of The Trump Organization and its portfolio of businesses to Donald Jr., Ivanka and Eric Trump as well as a team of highly skilled executives”, Trump spokeswoman Hope Hicks said earlier this month.

Mr Mnuchin, who was Mr Trump’s former campaign finance director, also said billionaire investor Wilbur Ross had been chosen for commerce secretary.

Miller also on Wednesday lauded the news that United Technologies Corp had reached a deal with Trump and Vice President-elect Mike Pence, also the governor of IN, to keep nearly 1,000 jobs at its Carrier Corp air conditioner plant IN Indianapolis. His children – whom he has said in the past will take over his business operations – will be present.

Trump did not specify whether ceding the business to his children is still the plan, but the fact that they will be joining him for the announcement suggests that it is.

“To think that they’re able to work with Carrier before they’ve even been sworn in to make this happen, this is the power of the presidency”, said Miller.

His tweets said he is not mandated to leave his business by law, but that “I feel it is visually important, as President, to in no way have a conflict of interest with my various businesses”. What’s a serious matter for a second-term congressman with a small business has no equivalent for a president with a multibillion-dollar empire.

Trump’s own Washington, D.C. hotel is rented from the federal government, and will negotiate rent prices while he is serving as president.

“You’re presuming that they are doing certain things that they should not be doing”, Conway said.

He also outlined what he called “the largest tax change” since President Ronald Reagan – cutting the corporate tax rate to 15 percent, a “big” middle-class income tax cut and simplifying taxes.

Trump’s business deals with overseas partners have raised concerns he could be in violation of the emoluments clause of the U.S. Constitution, which prohibits government officials from accepting gifts or payments from foreign governments. When Reince Priebus, Donald Trump’s nominee for chief of staff, recently appeared on MSNBC, he would not say whether Trump will still hand over his business to his kids.

Trump’s specific plan to remove the potential for conflicts of interest remains unclear. Jeff Sessions, Trump’s pick for attorney general, who also asked him to stay.

(AP Photo/Evan Vucci). Billionaire investor Wilbur Ross talks with reporters in the lobby of Trump Tower, Tuesday, Nov. 29, 2016, in NY.