The New York Times said that the US President, Donald Trump, has a bank account in China, and that for years he has been seeking to establish projects in the Asian country.
The account is managed by the Trump International Hotel Management Corporation. The account paid local taxes between 2013 and 2015.
The account was opened to “explore potential hotel deals in Asia,” according to a Trump spokesperson.
Trump has repeatedly criticized US companies doing business in China, and sparked a trade war between the two countries.
The New York Times revealed the account after obtaining tax records for Trump, which included personal and other financial details of his companies.
Previous newspaper reports show he paid $ 750 in U.S. federal taxes in 2016 and 2017 when he became president.
The Chinese bank account paid local taxes of $ 188,561.
Trump is critical of the policies of his rival, presidential candidate, Joe Biden, towards China, as the United States prepares for the elections, which will be held on 3 November.
The Trump administration has targeted Biden’s son, Hunter, and his dealings with China.
Office “is user“
Alan Garten, a lawyer for the Trump Organization, told the New York Times that the Trump Foundation for International Hotel Management “has opened an account with a Chinese bank with offices in the United States in order to pay local taxes.”
“No deals, transactions or other commercial activities ever materialized, and since 2015, the office has remained unused,” Garten added.
“Although the bank account is still open, it has never been used for any other purpose,” he added.
Trump has multiple businesses in the United States and abroad. These include golf courses in Scotland and Ireland and a luxury hotel chain.
The New York Times reported that Trump maintains foreign bank accounts in China, Britain and Ireland.
“Ending our dependence on China”
And in August, Trump said he wanted to introduce a tax break to lure American companies to move factories outside of China.
He also threatened to withdraw government contracts from companies that continue to outsource work to China.
In a speech, Trump pledged to create 10 million jobs in 10 months, saying, “We will end our dependence on China.”
In stark contrast, the New York Times report details how Trump was looking to do business in China. His efforts were accelerated in 2012 with the opening of an office in Shanghai.
Tax records obtained by the newspaper show that he has invested at least $ 192,000 in five small companies created specifically to try to set up projects in China over the years.
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