The state-owned Industrial and Commercial Bank of China extended its Trump Tower lease while Trump was president, even though it had recently rented a bigger space nearby. The bank vacated around the time Trump left the White House.
Chinese President Xi Jinping and Donald Trump attend a welcoming ceremony November 9, 2017 in Beijing, China.uring the four years that Donald Trump occupied the White House, the state-owned Industrial and Commercial Bank of China paid him an estimated $7 million to rent space in Trump Tower.
There’s no evidence that geopolitics played a role in the deal at first. Reports of the arrangement surfaced in September 2008, when Trump was merely a real estate developer, eager to tout some good news amid troubled times. “It is a great honor to house one of the world’s finest banking institutions in Trump Tower,” he toldIt was a lucrative deal for Trump. A 2012 debt prospectus noted that ICBC was the second-largest tenant in Trump Tower, leasing 20,000 square feet for about $1.
But the Trump Tower lease was no longer a typical business deal. Trump was in the White House, waging a massive trade war with China. The roughly $2 million of annual Trump Tower rent had turned into a constitutional concern, given that the Emoluments Clause prohibits the president from accepting various benefits from foreign governments.
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