Trump maintains bank account in China
Published: 03:29 PM, 21 October 2020
US President Donal Trump and China’s President Xi Jinping
United States President Donald Trump has a bank account in China.
According to a report in the New York Times, President Trump has admitted to having a bank account in China. Trump International Hotels Management manages that account.
Local taxes have also been paid from that account from 2013 to 2015. “The account was opened to explore the potential of hotel business in Asia,” a spokesman for President Trump said.
Trump has been widely criticized for targeting US companies doing business in China in recent years. As a result, a trade war has started between the two countries.
The New York Times reports that the account is known from President Trump’s tax records. That record contains details of his personal and company finances.
In China, Trump’s bank account paid $188,561 in local taxes. The New York Times reported earlier that Trump paid $750 in US federal taxes in 2016 and 2017.
The US presidential election will be held on November 3. President Trump is going to take part in that election for the second time. And his opponent in the election is the Democratic candidate Joe Biden. From the beginning, President Trump has been criticized to Joe Biden and his policy towards China.
Meanwhile, Allen Garten, a lawyer for the Trump organization, said Trump International Hotels Management has opened a bank account in China, located in the United States. The bank has several branches in the United States. “The account was opened mainly for the purpose of paying local taxes,” he said.
Allen Garten said there have been no transactions or other business activities from that account since 2015. “Even though the account was opened, it was not used for any other purpose,” he added.
The New York Times reports that Trump has bank accounts in countries such as China, Britain and Ireland.