1. Trump violates the longstanding One China policy, sparking an international incident.
2. Trump defends his actions by saying, "I fully understand the One China policy, but I don't know why we have to be bound by a One China policy unless we make a deal with China having to do with other things, including trade."
3. Soon after, Trump recognizes One China policy without any known concession on the part of China or negotiation between the two parties.
4. A few weeks later and without fanfare,
China approves 38 Trump trademarks that he's been unsuccessfully trying to acquire for the past decade, an odd move considering that his organization's lawyer claimed that "no new foreign deals" would be undertaken. Trump, of course, has not divested from any of his business ties.
Honestly, if the emoluments clause doesn't apply to Trump, then it's a completely useless piece of the Constitution.