Trump’s business empire of hotels, golf courses and licensing deals in the U.S. and abroad, some of which have benefited from tax breaks or government subsidies, represents an ethical minefield for a commander in chief who would oversee the U.S. budget and foreign relations, some analysts say. ...

Other Trump companies are partially indebted to banks in Germany and China. On financial disclosure filings, Trump listed involvements in more than 500 companies, some in countries where the U.S. has sensitive diplomatic or financial relationships, such as Saudi Arabia, the United Arab Emirates and China.

Those entanglements are unprecedented, unavoidable and “troubling,” Ken Gross, a former elections enforcement official and lawyer who has advised presidential candidates from both parties, said after the election. “He has investments in businesses in unfriendly countries and the businesses are often tied to those unfriendly governments.”