According to his tax records, US President Donald Trump has a Chinese bank account.
Trump, 74, has been an audible critic of China throughout the pandemic, whether it’s his use of the terms ‘Chinese virus’ or ‘Wuhan virus’, or crediting the country with the deaths of more than 221,000 Americans.
The president has also taken issue with US firms doing business with the country, slapping billions of tariffs on around three-quarters of the state’s exports and effectively exacerbating a trade war between the two countries.
In tax records acquired by The New York Times, it was revealed that Trump maintains a Chinese bank account, held under a corporate name and therefore not listed under his personal assets. It’s one of three foreign accounts, with the other two in the UK and Republic of Ireland (ROI).
The account is controlled by Trump International Hotels Management L.L.C. While only reporting a few thousand dollars of revenue, a stark contrast compared to his golf courses in Britain and the ROI, $188,561 in Chinese tax was paid between 2013 and 2015.
As revealed in a previous New York Times report, Trump paid $750 in US federal taxes between 2016 and 2017. Between 2000 and 2015, there were five years where he didn’t pay any federal income tax.
Alan Garten, a lawyer for the Trump Organisation, explained how the company ‘opened an account with a Chinese bank having offices in the United States in order to pay the local taxes’.
He added that the account was set up ‘to explore the potential for hotel deals in Asia’. Trump held an office in China during his first presidential campaign, opened in Shanghai in 2012, having hoped to set up fresh licensing deals.
Garten continued: ‘No deals, transactions or other business activities ever materialised and, since 2015, the office has remained inactive. Though the bank account remains open, it has never been used for any other purpose.’
The records show Trump has invested at least $192,000 in five small companies designed to pursue new projects in China, with around $97,400 in business expenses claimed since 2010 – some payments were made as recently as 2018.
This comes as Trump’s campaign continues to lambast Biden’s family for ‘selling out our country’ and being ‘weak’ on China, particularly with claims that Biden’s son Hunter has ‘inked a billion-dollar deal’ with the state’s bank.
Senate Republicans alleged this is one of several connections to ‘foreign nationals and foreign governments across the globe’, although none of these claims have been substantiated.
In comparison to Trump’s illustrious history with China, Biden’s income tax returns and financial disclosures have no connection to the country, as per CNN.
If you have a story you want to tell, send it to UNILAD via [email protected]