The list of business dealings that could affect a Trump presidency is growing, fast.
Over the weekend, The New York Times detailed real-estate developments — from India to the United Arab Emirates — that are raising concerns about how the president-elect’s business interests would affect foreign policy.
One of these conflicts involves a country he has bashed constantly throughout the election: China.
The Industrial and Commercial Bank of China, China’s massive state-owned bank and the world’s biggest lender, currently rents space in Trump Tower, and Bloomberg reports that its lease will come up for negotiation during Trump’s term in the White House.
“The bank’s lease is slated to end in October 2019, adding its renewal to the list of potential conflicts of interest for president-elect Trump, who has vowed to slap steep tariffs on Chinese imports and declare China a currency manipulator. The lease is no small matter for the Trump Organisation. ICBC was Trump Tower’s largest office tenant as of 2012, occupying 11 per cent of its office space, according to mortgage documents filed by Wells Fargo & Co. that year.”
Ethicists interviewed by Bloomberg say that if the ICBC’s rate deviates from the market rate — something that would have to be determined by an independent auditor — it could raise some eyebrows. Some go as far as to say that the president shouldn’t be receiving payment from the ICBC at all.
That’s because while the president is exempt from conflict-of-interest rules, the US Constitution has an emoluments clause that prohibits government officials from receiving gifts from foreign governments.
Now, it’s important to point out that the ICBC has been paying a comparatively high rate to be in Trump Tower since 2012 — $95.48 per square foot. That’s more than any other major office tenant in the building, according to Bloomberg. Given the fact that the tower is now surrounded by barricades and businesses inside are already suffering, it’s hard to see how the ICBC would want to continue paying that rate.
Unless, of course, it’s getting something else in return.
For more on Trump’s interesting relationship with the world’s second-largest economy, listen to BI’s Linette Lopez and Josh Barro discuss China, Trump, and trade on their podcast, Hard Pass.
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