According to a New York Times investigation, US President Donald Trump has an active account in a Chinese bank. Trump has admitted to having the account, but his lawyer says it is no longer used.
China is taking unfair advantage of trade with the US; Trump started a trade war between the two countries three years ago by making such allegations. Washington-Beijing impose import duties on each other.
However, the New York Times reported on Tuesday that they were able to find out about Trump’s active bank account in China after obtaining his income tax records. The income tax return details Trump’s personal and company finances.
Earlier, the New York Times leaked Trump’s income tax records. According to that record, the President paid only ₹ 650 in income tax in two years. And in the last 15 years, he has not paid any income tax for 10 years.
According to the New York Times, Trump’s bank account in China is controlled by Trump International Hotels Management. Between 2013 and 2015, he paid income tax locally with that bank account.
A Trump spokesman claimed that the account was opened in search of potential hotel business opportunities in Asia. From there, local tax of 1 lakh 8 thousand 571 dollars was paid.
Despite continuing to do business in China, Trump has intensified rival Democratic candidate Joe Biden and his Chinese policies ahead of the November 3 presidential election. The Trump administration has also pointed fingers at Joe Biden’s son Hunter Biden’s trade in China.
According to Trump’s income tax records, the New York Times reports that Trump opened an office in Shanghai in 2012 to do business in China. Trump has invested at least 192,000 in five small companies for long-term special projects. These companies have shown a cost of at least since 97,400 since 2010. This includes small expenses such as income tax and accounting fees.
Incidentally, President Trump has a wide range of business interests in the United States and abroad. It has golf courses in Scotland and Ireland, as well as five-star luxury hotel chains.