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President Trump on the 11th, after the defeat of the presidential elections. Reuters = Yonhap News
For the president of the United States, Donald Trump, 2021 will be the worst year. After the White House room was moved to Joe Biden on January 20, the bad news was waiting for ‘businessman Trump’.
The biggest problem is debt. The Wall Street Journal (WSJ) reported on the 15th (local time) that President Trump’s debt in the coming years would amount to $ 400 million (about 4.431 billion won). The Trump Organization, founded by Trump and now run by his two sons, is only $ 340 million in debt.
According to Reuters, Deutsche Bank had already been devising a way to organize loans related to the Trump family since the last three days before presidential election day. Reuters reported on the 2nd, citing multiple anonymous internal sources, saying: “Deutsche Bank, which is fed up with Trump, is looking for a way to quit smoking.” As the election solidifies with Trump’s defeat, Deutsche Bank’s “stop loss” of Trump is expected to accelerate.
According to the WSJ, the problem for the Trump family is not having cash to pay their debts. Trump’s recent posting of a string of real estate sales, starting from a private helicopter, is also because there is no real money.
The Trump Hotel in Washington is also for sale. In 2016, which will be remembered as the best year for Trump, the whole family turned out and cut the ribbon for the inauguration. After Trump was elected president in November of that year, he became a popular attraction for political figures in Washington, but he is a lot. It was put up for sale, but there are no signs of selling it.
President Trump speaks at the opening ceremony of the Washington Hotel in 2016. It was a good time.
WSJ said: “As the hotel industry was hit by a direct hit due to the outbreak of the new coronavirus infection (Corona 19), the business environment was getting worse.” The hotel and golf resort businesses are also down due to reduced travel and the economic recession. This is why it is assessed that I removed my foot because it could not adequately prevent the spread of Corona 19.
New York, home to the real estate business that made the Trump of the time possible, is also in disrepair. Manhattan, New York, where the buildings owned by the group are concentrated, was affected by the corona 19 outbreak and the value of its assets fell. WSJ said: “Although real estate in New York was also put on the market, the asset value decreased due to Corona 19, and there is little prospect of purchase.”
Vacancies are also increasing. The WSJ reported that rental rates for Trump Tower in New York have dropped significantly in recent months. The sharp drop in the rental rate since Trump took office symbolizes the decline of the group’s business.
The Trump Hotel in Washington, where President Trump even held a private political fundraising event. AP = Yonhap News
According to the WSJ, Trump Group is considering expanding its business abroad, but even this is not satisfactory. The main source is the tough protectionist trade policy that Trump himself has maintained. “Trump’s popularity in Europe has waned and he wants to avoid dealing with Trump in China,” WSJ said. Trump has taken hard-line public measures, including a ban on the use of TikTok, an app created by Chinese company Bytedance, in the United States.
With a crushing blow, law enforcement authorities are ready to target the Trump Group. The point is the tax evasion charges. New York’s Manhattan District Attorney’s Office is under investigation on charges that Trump falsified financial statements and evaded taxes. The WSJ reported: “When President Trump steps down, he will face his worst financial and legal difficulties.”
Reporter Jeon Sujin [email protected]
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