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First, it has to be a direct transfer from a foreign state to the president himself.
Second, even if a foreign corporation controlled by a foreign state in terms of shares does business with the Trump organization, this does not violate because the foreign corporation does not represent the foreign state.
The moment Donald Trump became the 45th President, some legal experts say he triggered a violation of the foreign emoluments clause in the Constitution, flouted the plain terms of the lease for his Washington hotel, and opened himself up to a dizzying array of ethical questions on financial conflicts of interests.