In a recent update, US President Donald Trump admits he has a Chinese bank account.
The report published by the New York Times says-
This account is with Trump International Hotels Management and used to pay local taxes from 2013-15.
The aim was to explore the potential for hotel deals in Asia – Trump spokesman.
Mr Trump critical notion about US firm doing business with China sparked a trade war.
Additionally NYT revealed the account by obtaining a tax record of Mr Trump. Certainly, it includes both personal and company financial details.
NYT previously reported that Mr President paid $750 in US Federal taxes. At the time when he became president. On the other hand, the Chinese bank account paid out $188,561 in local taxes.
Furthermore Mr Trump besides critical about rival Joe Biden and his policies towards China – will be facing US Election 2020 taking place on 3rd November.
Moreover, Mr Trump administration also signalled to Mr Biden Son’s dealing with China.
The lawyer of Trump Organization, Alan Garen said that his International Hotels Management opened an account with a Chinese bank. Since having offices in the United States it was important to have a bank account in order to pay the local taxes. Although no deals, transaction or any other business activity ever got materialized. Since 2015, all the office remains completely inactive.
Additionally, the bank account remains open, but it’s never used for any other purpose – Alan told NYT
Mr President owns multiple business interests. He owns it in both the US as well as other countries including Scotland and Ireland.
NYT report says that Mr President owns a bank account in China, Britain, and as well as in Ireland.
This August, Mr President wanted to offer a tax credit to the US firms to move out of China.