The paths of these two stars have intersected on several occasions due to their association with the luxury brand Bulgari
At a news conference, Trump said he would resign from all positions overseeing hotels, golf courses and hundreds of other businesses to help ensure that he will not consciously take actions as president that would benefit him personally.
Trump, a Republican, is under pressure to distance himself from his businesses before he moves into the White House on January 20. Trump says that unlike other government officials, he is not required to steer clear of conflicts of interest.
"I could actually run my business and run government at the same time. I don't like the way that looks, but I would be able to do that if I wanted to," Trump said. Ethics experts said the arrangement did not go far enough.
"Mr Trump's ill-advised course will precipitate scandal and corruption," said Norm Eisen, a former White House ethics adviser under President Barack Obama.
Trump appears to be still involved with his business while preparing to take office, saying he had turned down a $2 billion development deal in Dubai he had been offered over the weekend. "I didn't have to turn it down because as you know I have a no-conflict situation because I'm president," he said.
Sheri Dillon, a lawyer for Trump, said profits generated at Trump's hotels by foreign governments will be donated to the US Treasury.
The Trump Organisation will not enter into any new overseas deals while Trump is president and will only undertake domestic projects after a company ethics adviser has approved them, said Dillon, a lawyer at Morgan Lewis who focuses on tax and ethics.
Trump will only know of those deals if he hears about them through the news media, Dillon said.
Trump's daughter, Ivanka, is to have no further involvement with management authority in the group, she said. Trump has appointed her husband, Jared Kushner, to a senior advisory role in the White House.
Since Trump sold all his stocks last year, the Trump trust will hold only business assets and liquid assets such as cash, Dillon said.
The paths of these two stars have intersected on several occasions due to their association with the luxury brand Bulgari
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