Donald Trump Press Conference: President-elect says Russia Dossier Report 'Phony Stuff'

In his first formal news conference since July, Trump slammed two news organisations for reporting unsubstantiated claims about his ties to Moscow but praised other reporters for holding back.

About a dozen protesters gathered behind a police barricade across the street from Trump Tower, holding signs with slogans like "Dump Trump" and "Allegiance To America Not Russia" as Fifth Avenue traffic streamed by.

The Russia news obscured what was the original purpose of the news conference: a chance for the real estate developer to describe how he will separate himself from his global business operations to avoid conflicts of interest once he takes office.

"I could actually run my business and run government at the same time. I don’t like the way that looks, but I would be able to do that if I wanted to," Trump said.

"I didn't have to turn it down because as you know I have a no-conflict situation because I'm president," he said.

Sheri Dillon, a lawyer for Trump, said profits generated at Trump's hotels by foreign governments will be donated to the US Treasury.

His daughter Ivanka, whose husband Jared Kushner will be a senior adviser to Trump in the White House, also will cease her management role in the Trump Organization, the lawyer said.

During the heated press conference Trump also attacked US companies who ship jobs offshore, singling out the pharmaceutical industry for high drug prices and for manufacturing overseas.

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