US election: why Donald Trump has a secret Chinese bank account
Questions are raised about the president’s business dealings in China

President Donald Trump holds a “secret” bank account in China and has paid thousands in local taxes, it has been revealed.
The New York Times, which obtained Trump’s tax records last month, says the president paid $188,561 (£143,875) in Chinese taxes over a two-year period before his election in 2016.
The findings stand in stark contrast to the president’s tax payments in the US, with records showing he paid as little as $750 (£572) in income taxes in 2016 and 2017, as well as his “unsubstantiated claims” about Joe Biden’s dealings with the global superpower, the BBC says.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Beijing bucks
The Chinese account is controlled by Trump International Hotels Management LLC, and was set up while the president was “pursuing licensing deals there from 2013 to 2015”, the New York Times reports.
According to the documents, the company reported an “unusually large” uptick in revenue in 2017 to the tune of around $17.5m (£13.3m), which was subsequently followed by a $15.1m (£11.4m) withdrawal by Trump.
Almost a decade before, Trump commenced his dealings in the country with the pursuit of an office block contract in Guangzhou that ultimately fell through, before opening a Shanghai office in 2012.
“After effectively planting his flag there, Mr. Trump found a partner in the State Grid Corporation, one of the nation’s largest government-controlled enterprises” before the collaboration was abandoned amid a corruption sting, the New York Times says.
The records also show Trump has invested “at least $192,000 (£146,393) in five small companies created specifically to pursue projects there over the years”, the paper adds.
Trump Organization lawyer Alan Garten said the president “opened an account with a Chinese bank having offices in the United States in order to pay the local taxes” that were incurred as a result of his business dealings. Garten, who refused to confirm which bank the account was held with, added: “No deals, transactions or other business activities ever materialised and, since 2015, the office has remained inactive.”
What about the trade war?
A key fixture of Trump’s presidency has been his willingness to engage in a trade war with China. His constant criticism of US companies doing business in the country has left industry leaders “incredulous” that he has benefitted from pursuing his own interests in China, the BBC says.
After entering the White House, Trump imposed tariffs on $400bn (£305bn) worth of goods shipped between the two powers, “disrupting supply chains - most noticeably, perhaps, in the technology sector”, the Financial Times says.
Threats to reignite the economic battle during the pandemic caused share prices to plummet and the president declared a desire to “strip government contracts from firms that continued to outsource work to China” as recently as August.
Tensions have continued to rise as election day draws closer. In a video address to the UN general assembly in September, Trump blamed the Asian nation for unleashing a “plague” on the globe, incorrectly stating that the World Health Organization is “virtually controlled by China”.
The discovery of Trump’s tax payments in China will inevitably “raise further questions” about the president’s combative rhetoric, Forbes says.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
How will the new tax deductions on auto loans work?
the explainer Trump's One Big Beautiful Bill Act introduced a tax deduction on auto loan interest — but eligibility for the tax break is limited
-
Is Trump actually going to prosecute Obama for 'treason'?
Today's Big Question Or is this just a distraction from the Jeffrey Epstein scandal?
-
5 best movie sequels of all time
The Week Recommends The second time is only sometimes as good as the first
-
'Spending is what card issuers are hoping you will do'
Instant Opinion Opinion, comment and editorials of the day
-
Trump executive order targets homeless
Speed Read It will now be easier for states and cities to remove homeless people from the streets
-
Florida judge and DOJ make Epstein trouble for Trump
Speed Read The Trump administration's request to release grand jury transcripts from the Epstein investigation was denied
-
Trump attacks Obama as Epstein furor mounts
Speed Read The Trump administration accused the Obama administration of 'treasonous' behavior during the 2016 election
-
Deportations: The growing backlash
Feature New poll numbers show declining support for Trump's deportation crackdown
-
Is Stephen Colbert's 'Late Show' cancellation an omen of something worse?
TODAY'S BIG QUESTION CBS said its decision to end the talk show was strictly business. But the timing and nature of the announcement has some observers wondering if there's more at play behind the scenes.
-
Citizenship: Trump order blocked again
Feature After the Supreme Court restricted nationwide injunctions, a federal judge turned to a class action suit to block Trump's order to end birthright citizenship
-
Epstein: Why MAGA won't move on
Feature Trump's supporters are turning on him after he denied the existence of Epstein's client list