Trump has a Chinese bank account and pursued China projects, analysis of his tax record reveals

Trump did not include the Chinese bank account in his public financial disclosures

Stuti Mishra
Wednesday 21 October 2020 08:04 BST
File image: Analysis of Trump's tax records reveal attempts at getting business deals in China and a 'secret' bank account
File image: Analysis of Trump's tax records reveal attempts at getting business deals in China and a 'secret' bank account (Getty)
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Donald Trump maintains a previously undeclared Chinese bank account and has been unsuccessfully pursuing major business deals in China for more than a decade, according to a new US media report.

The president did not include the Chinese account in public financial disclosures, according to the New York Times, which has released a series of analyses of Mr Trump’s tax records since reporting that he has paid just $750 in income tax in some recent fiscal years.

According to the NYT report, the Chinese account is controlled by Trump International Hotels Management and paid $188,561 in taxes in the country from 2013 to 2015.

Tax records do not apparently shed light on the exact amounts of money involved in the deals made through this account. But it is mandatory in the US to reveal any foreign income while filing for taxes, and Trump International Hotels Management has reported only a few thousand dollars from China in recent years.

The exposé comes in the final stages of a heated battle for the 3 November presidential election. 

Recently, allegations from Senate Republicans against Democrat Joe Biden have included claims that his son “opened a bank account” with a Chinese businessman, hinting that he has vested interests in China. Mr Trump has repeatedly claimed that his opponent would be “soft” on the Asian superpower.

Trump Organisation lawyer Alan Garten told the Times that Mr Trump’s company does indeed maintain a bank account in China, but refused to name the bank in question. In a statement, he said Trump International Hotels "opened an account with a Chinese bank having offices in the United States to pay the local taxes".

Garten said the company had opened the account once an office was opened in China "to explore the potential for hotel deals in Asia".

“No deals, transactions or other business activities ever materialised and, since 2015, the office has remained inactive,” Garten said. 

He added: “Though the bank account remains open, it has never been used for any other purpose.”

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