. . . But it’s not just Trump’s warm relationship with Xi that complicates his efforts to rewrite the narrative on China. Politico reported Friday that Trump owed tens of millions of dollars to the Bank of China over a skyscraper deal at 1290 Avenue of the Americas, with the bill coming due in 2022—though later corrected the story to clarify that he no longer owed the Chinese bank. “On November 7, 2012 several financial institutions including the Bank of China participated in a commercial mortgage loan of $950 million to Vornado Realty Trust,” a Bank of China USA spokesperson said in a statement. “Within 22 days, the loan was securitized and sold into the CMBS market, as is a common practice in the industry. Bank of China has not had any ownership interest in that loan since late November 2012.”
Despite the error on the Avenue of the Americas loan, Politico noted that “Chinese state-owned companies are constructing two luxury Trump developments in United Arab Emirates and Indonesia.” In addition, the outlet added, “the president and his daughter Ivanka Trump, a White House adviser, have been awarded trademarks by China’s government [and] his son-in-law, Jared Kushner, has courted Chinese investors in at least one other real estate deal.” Trump and his family’s foreign investments may come under increasing scrutiny as the 2020 race heats up, even as the president appears likely to get through a second presidential election without revealing his tax returns.
The president’s rampant conflicts of interest have fallen from the news cycle over the course of his presidency, overshadowed by the persistent scandals and corruption. In particular, the coronavirus pandemic—and his catastrophic mishandling of the crisis—has more or less superseded all other Trump controversies heading into November’s election. But his desperate attempts to shift blame for the COVID crisis from his own administration to China could renew attention on his past ties to the country. In his own recent advertisement, Biden blasts Trump for praising China’s coronavirus response, saying the president “rolled over” for the country, and failed to hold Xi’s government accountable. “He failed to act,”