“The Foundation has done enormous good works over the years in contributing millions of dollars to countless worthy groups, including supporting veterans, law enforcement officers and children,” Xinhua news agency cited a statement by Trump.
“However, to avoid even the appearance of any conflict with my role as President I have decided to continue to pursue my strong interest in philanthropy in other ways,” he said.
Trump is under pressure to contain his various potential conflicts of interest related to his business and charitable dealings ahead of his inauguration on January 20.
The New York-based foundation, which has given more than $13 million dollars to charity since it was founded, was originally set up to give away the proceeds from Trump’s bestselling book “The Art of the Deal”.
A Washington Post investigation in June found that Trump had personally given his foundation $2.8 million of the book’s proceeds over the past 15 years, and nothing since 2009.
“I am very proud of the money that has been raised for many organisations in need, and I am also very proud of the fact that the Foundation has operated at essentially no cost for decades, with 100% of the money going to charity,” Trump said.