US President Donald Trump has a Chinese bank account and has spent several years on business projects in the country, the New York Times reported.
|Donald Trump has a Chinese Bank Account- New York Times Report|
US Electronic -2020:
Trump is the international hotel management authority controlling the account and has been paying local taxes between 2013 and 2015.
A spokesman for Trump said it was set up “to explore the potential of the Asian hotel business.”
Mr. Trump criticized U.S. companies for doing business in China, and a trade war broke out between the two countries.
The NY Times released the account to the public after receiving Mr. Trump’s tax records. In which the financial statements of both the individual and the organization were recorded.
Trump’s tax ledger
Previous newspaper reports cite that when he became president, he paid $ 750 (£ 580) in U.S. federal taxes in 2016 and 2017.
The Chinese bank account, on the other hand, pays tax 188,561 in local taxes.
Mr. Trump has been critical of US presidential candidate Joe Biden and his policy toward US-led China in the run-up to the November 3 election.
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Trump agency lawyer Alan Garten described the NY Times report as “pure speculation” and said it was a “miscalculation.”
He was referring to a New York Times report that Trump International Hotels Management “opens a Chinese bank’s office in the United States to pay local taxes.”
“No contracts, transactions or other business activities have been implemented and the office has been inactive since 2015,” Mr. Garten said.
“Although the bank account remains open, it has never been used for any other purpose,” he told the NY Times.
The U.S. president has multiple businesses, both in the United States and abroad, notably golf courses in Scotland and Ireland, and chains of five-star luxury hotels.
The NY Times reports that Mr. Trump currently has foreign bank accounts in China, Britain and Ireland.
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‘End our dependence on China’
In August, Mr. Trump said he wanted to give U.S. companies a tax credit for applying to move factories out of China.
He warned against canceling government contracts with companies that continue outsourcing work with China.
“We will end that dependence on China,” Mr Trump said in a speech promising to create 10 million jobs in 10 months.
In stark contrast, the NY Times reported on how Mr. Trump relied on getting business in China. With the opening of a Shanghai office in 2812, his efforts were accelerated.
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Tax records show that he has invested at least $ 192,000 in five small companies over the years in China.
These firms have earned at least $ 97,400 in business expenses since 2010, with recently paying slightly lower taxes and accounting fees in 2018.
According to the NY Times, the U.S. president’s plans in China are largely driven by Trump International Hotel Management, according to the NY Times.