Donald Trump to leave businesses to focus on presidency

US president-elect Donald Trump has said he will step back from running his business empire to avoid conflicts of interest.

Mr Trump also turned to Wall Street on Wednesday for nominees for two key economic leadership posts who promised tax reform and a tougher approach to China.

The Republican sent out a series of tweets saying he will hold a news conference in New York on December 15th with his children to explain how he will separate himself “in total” from his business holdings.

Steve Mnuchin, a private equity investor, hedge fund manager and Hollywood financier, and billionaire Wilbur Ross, who heads a private equity firm, appeared on CNBC and confirmed their nominations to be treasury secretary and commerce secretary, respectively. The Trump transition team announced the nominations on Wednesday morning.

Transition sources also said Mr Trump had chosen Chicago Cubs co-owner Todd Ricketts as deputy commerce secretary.

Mr Mnuchin and Mr Ross laid out Mr Trump’s economic objectives, including a tax reform plan that would, among other things, cut corporate tax rates to 15 percent.

“We think by cutting corporate taxes we’ll create huge economic growth and we’ll have huge personal income,” Mr Mnuchin said on CNBC.

Tax rates

The two said lower tax rates would be offset by reductions in the number of income tax deductions.

They said trade reform would be a top agenda item. Both men criticised regional trade pacts, saying they favor bilateral agreements with trade partners.

“We’ve been doing a lot of dumb trade,” Ross said.

Mr Trump also is working to fill out his foreign policy team, with a major focus this week on who his secretary of state should be.

He dined with a former rival, 2012 Republican nominee Mitt Romney, at a French restaurant near Central Park on Tuesday night. Mr Romney, held in suspicion by Trump supporters because of his harsh criticism of the businessman, made an impassioned statement in support of Mr Trump after their meal.

Mr Trump was to meet on Wednesday with another potential secretary of state pick, retired Marine General John Kelly. He also is considering former New York Mayor Rudy Giuliani, US senator Bob Corker of Tennessee and former CIA director David Petraeus for the job.

Conflict of interest

A variety of critics have raised questions about how Mr Trump would avoid a conflict of interest between the presidency and a real estate empire with properties around the world.

"I will be holding a major news conference in New York City with my children on December 15 to discuss the fact that I will be leaving my great business in total in order to fully focus on running the country in order to MAKE AMERICA GREAT AGAIN!" Mr Trump wrote.

He said he is not required by law to alter his relationship with his business, but added: “I feel it is visually important, as president, to in no way have a conflict of interest with my various businesses.”

“Hence, legal documents are being crafted which take me completely out of business operations. The Presidency is a far more important task!”

Three days after Mr Trump won the presidential election on November 8th the Trump Organisation said it was looking at business structures aimed at transferring management control to his three oldest children.

Clearly reluctant to give up a business that made him a brand name around the world, Mr Trump also had previously argued that he had no need to separate himself from the Trump Organisation.

Reuters