The fact that Congress has specifically granted permission under the Emoluments Clause to Presidents, at the latter's request, while the conflict statute was in effect wouldbsuggest stronglynthat neither past Presidents, nor, more importantly, the Congress has viewed the non-application of the conflict statute to the President as a grant of permission under the Emoluments Clause that makes more specific grants unnecessary.
OTOH, absent coverage under the conflict statute or some other statute establishing judicial remedies, there may an argument that there is no such remedy for a Presidential violation of the clause, and that the only remedy is via impeachment. That's probably the biggest weakness in an Emoluments Clause lawsuit.
On the gripping hand, a court ruling to the effect that the only remedy is by impeachment may create additional political pressure on Congress, which would probably have value to those bringing the claim, perhaps moreso than a judicial remedy that, e.g., forced Trump to give up past gains and avoid future gains through divestment.
The trouble is that impeachment is the responsibility Congress, and it would be a brave Republican congressman who would vote to impeach a Republican president right now.
Constitution has a clause that prohibits it for any public official including the president (assuming for the moment that it is the meaning of the emoluments clause), unless Congress specifically authorizes it.
Congress additionally passed a law - 18 U.S. Code § 202 and § 208 - that regulates conflicts of interest among government officials. Its domain intersects with the Emoluments Clause somewhat, but it is not an implementation of the Emoluments Clause. It says that certain actions by people other than the president are illegal. Insofar as it intersects with Emoluments Clause, it is at best redundant (although even then it defines clear penalties, so not really).
But there's nothing in it authorizing the president to receive emoluments. § 202 does contain language excluding certain people from the categories of "government officer" and "government employee", which are the target of § 208; but this simply means that § 208, and prohibitions in it specifically, do not apply to those people. In other words, the law doesn't say anything about them. It most certainly doesn't contain any language explicitly authorizing emoluments. Here, see for yourself:
https://www.law.cornell.edu/uscode/text/18/208 https://www.law.cornell.edu/uscode/text/18/202
If we look at other past cases where the Emoluments Clause had to be dealt with, Congress specifically authorized such things, with clear verbiage to that effect. For example, here's the Foreign Gifts and Decorations Act:
https://www.law.cornell.edu/uscode/text/5/7342
Note the language: "The Congress consents to ..."
There's nothing even remotely similar in the law we are discussing.
The only real question for the courts here is whether receiving payment for goods and services from a foreign government qualifies as emolument or not. The originalist interpretation is in favor of that - this is one of those clauses in the Constitution where the Founders wrote a great deal about why it was there, and it's clear that their concerns were broad rather than narrow (preventing "foreign corruption" of all kinds).
> The financial conflict statute prohibits federal employees from participating in matters where they could enrich themselves. It applies to everyone in the executive branch, from the lowliest file clerk up to the White House chief of staff – except for the president and vice president.
Ref: http://www.nytimes.com/roomfordebate/2016/12/07/can-congress...
You could try to convince Congress to re-apply the rules, but that's a different discussion.