Trump Earned Money Abroad While U.S. President

Aside from his Chinese bank account, defeated US President Donald Trump also profited overseas despite the ban on any sitting President to earn money in foreign countries as it would constitute conflict of interest, Nicholas Riccardi reported for the Associated Press (AP).

Photo Insert: The returns show accounts in other foreign countries over the years, including the United Kingdom, southern Ireland, and the Caribbean island nation of St. Martin.

The returns show accounts in other foreign countries over the years, including the United Kingdom, southern Ireland, and the Caribbean island nation of St. Martin.

By 2018, Trump had apparently closed all his overseas accounts other than the one in the UK, home to one of his flagship golf properties. The returns don't detail the amount of money held in those accounts.

China is one of several countries where Trump reported making money over the years. He reported $38 million in overseas gross income in 2016 and $55 million in 2017, from countries including Azerbaijan, India, Indonesia, Panama, the Philippines, Turkey, and the United Arab Emirates.

This sort of information about potential conflicts of interest for the commander-in-chief of the US is one reason presidents normally release their tax returns.

It's not clear what that overseas money came from. Trump claimed tens of millions of dollars in losses and expenses in his overseas investments as well, but his liabilities there sometimes were greater than those in the US.

In 2016, for example, Trump told the Internal Revenue Service that he paid $1.2 million in foreign taxes, while he ended up paying only $750 in US income taxes.

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