(CNN) The Trump Organization will not move forward with ambitious expansion plans for two hotel chains across the US, citing a toxic political climate for the Trump brand.

President Donald Trump's son Eric Trump, who took over the business when his father assumed office, said in a statement that the company was walking away in the face of "harassment."

"We live in a climate where everything will be used against us, whether by the fake news or by Democrats who are only interested in Presidential harassment and wasting everyone's time, barraging us with nonsense letters," Eric Trump said.

He continued: "We already have the greatest properties in the world and if we have to slow down our growth for the time being, we are happy to do it."

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