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Looking for hotel deals: Trump holds a bank account in China
The Republican president's campaign confirmed a report in the New York Times that Trump has an account in the country despite his criticism of American companies doing business in China.
Between 2013 and 2015, Trump's hotel company paid $ 188,561 in local taxes
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United States
Donald Trump
China
News agencies
Wednesday, 21 October 2020, 09:16
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In the video: Trump has not paid income tax in the last 10 years (Photo: Reuters, edited by Assaf Drori)
US President Donald Trump has admitted that he has a bank account in China - according to a report in the New York Times, published tonight (Wednesday).
The account is owned by international hotel company Trump, which paid local taxes between 2013 and 2015 in the amount of $ 188,561.
According to a spokesman for Trump, the account was set up "to examine potential hotel deals in Asia."
Trump often attacks American companies doing business in China and has started a trade war with Beijing.
The revelation comes as Trump attacks his Democratic opponent Joe Biden and his policy toward China ahead of the November 3 election.
The Republican president's campaign marked Hunter Biden, the Democratic candidate's son, and his dealings with China.
The publication in the New York Times went so far as to obtain Trump's tax refunds, which include his and his companies' financial details.
According to previous reports, the president paid a total of $ 750 in 2016 and 2017, the year he entered the White House.
In ten of the last 15 years he has not paid any federal taxes at all.
More on Walla!
NEWS
Democrats attack Trump's tax refunds: "Question of national security"
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Report: Trump has not paid income tax in 10 of the last 15 years
Republicans are allowed.
Shay and Trump (Photo: Reuters)
Alan Garten, a lawyer for the Trump organization, told the newspaper that the account was opened at his Sinai bank and has offices in the United States, in order to pay local taxes.
"There have been no transactions, transfers or other business activities that have matured at any stage, and since 2015 the firm has been inactive," he claimed.
"Although the bank account remained open, it was never used for any other purpose."
The president has many business interests in the United States and other countries around the world, including golf courses in Scotland and Ireland and a chain of luxury hotels.
According to the New York Times, in addition to an account in China, Trump also has bank accounts in the UK and Ireland.
In August, Trump said he wanted to offer tax breaks to entice American companies to relocate their plants from China.
He even threatened to cancel government contracts for companies that would continue to relocate to China, promising to create ten million jobs within ten months.
"Women will end our reliance on China," he promised.
In contrast, according to the New York Times investigation, Trump tried to move his business to China.
His efforts intensified in 2012 with the opening of offices in Shanghai.
His tax returns have shown that he has invested at least $ 192,000 in five small companies to promote ventures in China over several years.
Most of the president's plans in China were through his hotel company, through direct ownership of China's development company THC.
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