At a press conference at Trump Tower, Trump also gave new details into his business dealings while he is set to become president.
Trump's business will continue to pursue deals in the United States, though not abroad, while he is president, and he will relinquish control of the company, a lawyer who worked with the Trump Organization on the plan said Wednesday.
Trump will put his business assets in a trust and take other steps to isolate himself from his company, according to Sheri Dillon of Morgan Lewis.
The announcement appears to contradict what Trump had said a tweet last month — "no new deals" while in the White House.
The plan also falls short of what some government ethics experts have urged Trump to do — sell his assets and put the cash in a blind trust overseen by an independent manager, as many recent presidents have done.
Dillon said that was not practical, and that Trump "should not be expected to destroy the company he built."