He’s saying that LEGALLY federal conflict-of-interest laws don’t apply to the President, so LEGALLY speaking, it’s not possible for him to have conflicts of interest. Of course ethically and morally speaking it’s more than possible for him to have conflicts of interest, but he’s not much of one to care about morals…

In fairness, the Pope can only not be wrong if he issues a claim of infallibility on a particular statement or policy. It’s not a general smock of infallibility from day-one. And, again in fairness, it’s is very rarely invoked. I’m not sure I can remember if any pope has invoked infallibility in my lifetime.