Democrats want legislation linking presidential business ties to trade decisions
Forty-five Democrat lawmakers have co-sponsored parallel legislation in the Senate and House that would require President Donald Trump to disclose foreign interests before taking trade actions.
Trump, a billionaire businessman, has not divested any of his ownership stake in the Trump Organization, as many ethics watchdogs have recommended. The Trump Organization is the parent company for the president’s vast business holdings. He has turned operation of the company, which has hotels and golf courses in several countries overseas, over to his two sons.
The bills would require the President to disclose income, assets, and liabilities associated with countries with which the United States is negotiating a trade or investment agreement, countries that could be subject to presidential trade enforcement actions, and countries eligible for trade preference programs.
Failure to submit a report on time would nullify any presidential order modifying U.S. tariffs with countries where a conflict existed, and disqualify a trade agreement from fast-track consideration by Congress under Trade Promotion Authority.
“It is imperative that all Presidents of the United States – including President Trump – are fully transparent about the nature and extent of their ties to foreign nations,” Rep. Richard Neal, D-Mass., who is leading the proposal in the House, said in a statement. “This bill would cement in law that Presidents must disclose all of their financial interests with countries that are involved in trade actions with the United States, a commonsense measure. We have to know that the interests of the American people and our country come first at all times, not just when it’s economically convenient or beneficial to a sitting President.”
Questions are already being raised about the intersection of Trump’s business interests and U.S. foreign policy. Last week, Chinese authorities officially granted the Trump Organization trademark protection for construction-related services after years of inaction on the case. President Trump has taken a rhetorical hardline against China, criticizing China for currency manipulation despite its improvement in that area in recent years, threatening high tariffs on Chinese imports and tougher enforcement of trade violations by Chinese companies, and even suggesting at one point that the U.S. might recognize Taiwan as a sovereign nation.
Trump recently seemed to align with the traditional U.S. view of the “One China” policy, has yet to label China a currency manipulator since the election and has not taken steps to impose trade tariffs on China. Those positions may well be unrelated to the trademark win, but ethics lawyers say it raises the perception that Trump may take positions that impact the national interest with an eye to his business holdings.
Similar concerns are being raised with regard to U.S. policy toward Russia. Trump has talked about resetting relations with Russia, leading to speculation that he might try to reverse economic sanctions on that nation for its annexation of Crimea from Ukraine. Trump claims he has no investments in Russia, but he did host the Miss Universe pageant in Moscow several years ago and news reports have suggested that Russian oligarchs have invested in Trump businesses over the years. Trump did not release his income taxes during the presidential campaign, so what, if any, business ties he has to Russia are not known.
Full disclosure
