The Trump family business released a voluntary ethics agreement Friday that marks a significant departure from Donald Trump's first term by allowing it to strike deals with private foreign companies.The so-called ethics white paper bars the Trump Organization from striking deals directly with foreign governments,

U.S. President-elect Donald Trump's company said Friday it has retained William Burck, a managing partner of U.S. trial firm Quinn Emanuel Urquhart & Sullivan and longtime Republican insider, as its outside ethics advisor.

The plan bans new deals between the Trump Organization and foreign governments − but not foreign businesses, as had been the case in the first Trump administration. It also outlines a review process for several transactions that meet a certain threshold like purchases over $10 million or leasing more than 40,000 square feet of real estate space.

The Trump Organization on Friday announced that President-elect Donald Trump will be walled off from the day-to-day management of his privately held company. Unlike in 2017, Trump's company is not agreeing to a blanket stop on new foreign business transactions.

Trump's company says it won't strike direct deals with foreign governments after inauguration, but can make deals with private foreign companies.

The Trump Organization submitted an ethics plan for Donald J. Trump’s second presidential term that doesn’t rule out striking new deals with foreign companies — a break with its approach to managing conflicts of interest when he first took office.

The Trump family business released a voluntary ethics agreement Friday that allows it to strike deals with private foreign companies, a move that could help outside actors try to buy influence with the new administration.