Trump calls clause in U.S. Constitution ‘phony’ after plan to host G7 scrapped

Click to play video '‘It doesn’t matter if you’re rich’: Trump says he’s losing money as president' ‘It doesn’t matter if you’re rich’: Trump says he’s losing money as president
'It doesn't matter if you're rich,' Trump says, claiming he's losing money as president

U.S. President Donald Trump said on Monday that being president has cost him between $2 billion and $5 billion that he would have made if he had continued running his business instead of getting into politics.

But, he told reporters, “If I had it to go it again I would do it in an instant, because who cares, if you can afford it, what difference does it make?”

READ MORE: Trump reverses plan to host G7 meeting at his Florida golf resort after backlash

Trump expressed annoyance at having to reverse his decision to stage the Group of Seven summit in June at his Trump National Doral golf resort in the Miami area.

His plan to have the event at Doral drew sharp criticism from both Republicans and Democrats who said it gave the impression that he was profiting from being president.

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Trump dismissed what he called “this phony emoluments clause,” a line in the U.S. Constitution that prevents the president and lawmakers from profiting from their offices. Critics frequently accuse Trump of violating the emoluments clause.

Click to play video 'Donald Trump gripes about “phony emoluments clause”' Donald Trump gripes about “phony emoluments clause”
Donald Trump gripes about “phony emoluments clause”

The president ran a string of resorts around the world before being elected president. His children have largely taken over running the family business.

“Whether I lost $2 billion, $5 billion or less, it doesn’t make any difference. I don’t care,” Trump said. “I’m doing this for the country. I’m doing it for the people.”

READ MORE: Trump says it’s inevitable House will vote to impeach him on Ukraine investigation

Trump had said he would have the G7 summit at Doral without cost to U.S. taxpayers but will now look for other sites.

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“I don’t think it’ll be as exciting or as good,” he said.