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According to a New York Times report, US President Donald Trump admitted that he has a bank account in China.
Trump International Hotels Management controls the bank account and pays taxes locally from 2013 to 2015.
According to a spokesman for President Trump, the account was opened to “explore the potential of the hotel business in Asia.”
In addition to criticizing American companies that have trade ties with China, Trump has created a trade war between the two countries.
The New York Times ran the news shortly after Trump’s personal and institutional tax payment documents became available.
An earlier report in the newspaper said that Trump paid £ 750 in taxes to the United States when he took office in 2016 and 2017.
On the other hand, the Chinese bank account has paid locally 1 lakh 8,571 taxes locally.
On the other hand, Trump has criticized rival presidential candidate Joe Biden’s policy towards China. The Trump administration has separately criticized China’s trade deals with Biden’s son Hunter.
What is the explanation for Trump’s organization?
Alan Garten, a lawyer for the Trump organization, told the New York Times that Trump International Hotels and Management “has an office in the United States but has opened an account with a Chinese bank to pay local taxes.”
“There has been no work in the office since 2015. There have been no contracts, transactions or commercial activities there,” Garten said.
President Trump has several business ventures inside and outside the United States, including golf courses in Ireland and Scotland, and a chain of five-star hotels.
In addition to China, Trump has bank accounts in the United Kingdom and Ireland, according to the New York Times.
‘Stop depending on China’
In August, Trump said he would give US companies tax breaks to move factories from China.
He also threatened to take government jobs away from companies that want to continue working with China.
In a speech at the time, Trump promised to create 10 million jobs in 10 months: “We will stop relying on China.”
On the other hand, how he himself is trying to establish a business in China, emerged in the New York Times report. Efforts to expand the business in China have increased since the Shanghai office opened in 2012.
According to his tax returns, he has invested at least £ 192,000 in at least five small businesses in China.
Yet at the center of their plans in China is Trump International Hotels and Management, which is directly owned by THC China Development, according to the New York Times.
Source: BBC
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