Trump maintains a bank account in China according to an analysis of the president’s tax records, which were obtained by The New York Times.
The Chinese account, the newspaper said, is controlled by Trump International Hotels Management. The tax records show it paid nearly $188,561 in taxes in China while pursuing licensing deals there from 2013 to 2015. Alan Garten, a lawyer for the Trump Organization, said the company had opened the account after establishing an office in China to explore potential hotel deals in Asia. “No deals, transactions or other business activities ever materialized and, since 2015, the office has remained inactive,” Mr. Garten further told NYT. The identity of the bank in China where the account is held is unknown.
It is difficult to determine from the tax records precisely how much money Trump has spent trying to land business in China. According to NYT, he has invested at least $192,000 in five small companies explicitly created to pursue projects in China. The companies claimed at least $97,400 in business expenses since 2010, including some minor payments for taxes and accounting fees as recently as 2018.
Companies that operate Trump's golf courses in Scotland and Ireland hold the British and Irish accounts, which regularly report millions of dollars in revenue from those countries. Trump International Hotel Management reported just a few thousand dollars from China.