US President Donald Trump, who maintains a trade and political war with the government of Beijing does, however, have a bank account in China, as revealed this Wednesday ‘The New York Times’, in an investigation into the president’s business.
The account is controlled by the company Trump International Hotels Management, paid taxes in the Asian country between 2013 and 2015 and was created “to explore the potential of hotel offers in Asia,” says the New York newspaper.
As Trump criticizes the US companies doing business with ChinaIts own business history is littered with overseas financial deals, and some have involved the Chinese state.
Thus and while pressing his opponent, Democrat Joe Bien, with questions about his position on China, President Trump’s taxes reveal details about his own activities in the Asian country, including this previously unknown bank account.
Criticism of Biden
According to ‘NYT’, Trump and his allies have, during the entire electoral campaign, of painting the Democratic candidate as a politician soft on China, in part pointing to the business that Biden’s son has conducted in that country.
However, China is one of thes only three foreign nationsThe others are Great Britain and Ireland, where Trump maintains a bank account, according to an analysis of the president’s tax records, which were obtained by The New York Times.
Those foreign accounts do not appear in financial data made public by Trump, where he must list personal assets, because they are held under corporate names.
And the tax records do not include details about how much money they may have transferred through the foreign accounts, although the US Internal Revenue Service requires taxpayers to report the part of their income earned in other countries.
The British and Irish accounts are held by companies operating Trump’s golf courses in Scotland and Ireland, which regularly report millions of dollars in income from those countries.
“Agreements never materialized”
Trump International Hotels Management reported turnover of just a few thousand China dollars ($ 188,561). Alan Garten, a lawyer for the Trump Organization, told the newspaper that the company had “opened an account with a Chinese bank that has offices in the United States to pay local taxes” associated with efforts to do business there.
He added that the company had opened the account after establishing an office in China “to explore the potential for hotel offerings in Asia.”
“Agreements never materialized, transactions or other business activities and, since 2015, the office has been inactive & rdquor ;, added Garten and “although the bank account remains open, it has never been used for any other purpose.”
As with Russia, where he unsuccessfully explored hotel and tower projects in Moscow, Trump has long sought a deal to operate in China.
His efforts date back to at least 2006, when he filed trademark applications in Hong Kong and the mainland. Many approvals from the Chinese government came after he became president.
The president’s daughter, Ivanka Trump, Also Got Chinese Trademark Approvals for your business after joining the White House staff.
It is difficult to determine precisely, from tax records, how much money Trump has spent trying to get business in China, the newspaper acknowledges.
Records show that he has invested at least $ 192,000 in five small businesses created specifically to carry out projects there over the years.
Those companies needed at least $ 97,400 in business expenses since 2010, including some lower payments for accounting taxes and fees in 2018.
Outside of China, Trump has been more successful in attracting wealthy Chinese buyers for his properties in other countries.
Its hotels and towers in Las Vegas and Vancouver, British Columbia, places known for attracting Chinese real estate investors, have found numerous buyers from that country and, in at least one case, attracted the attention of the Federal Bureau of Investigation, the newspaper said.