Peter Nicholas

President-elect Donald Trump said he would put his assets into a trust and relinquish control of his business to his two adult sons in an effort to avoid conflicts of interest during his presidency.

President-elect Trump will sever management ties to the Trump Organization and play no role in its operations under the terms of the trust. While he is in office, his real-estate empire will abide by “severe restrictions on new deals,” an attorney retained by the president-elect said. If foreign governments make payments to his hotels—including a new one near the White House— President-elect Trump plans to donate all profits to the US treasury, said the attorney, Sheri Dillon. The announcement drew sharp criticism from ethics experts who said the steps are inadequate to create a clean separation between Trump’s business interests and his presidency.