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Trump Vows to Help ZTE 'Get Back Into Business'

14 May, 2018, 06:06 | Author: Shawna Walton
  • Denis O’Brien-owned Digicel said much of its ZTE-related infrastructure roll-out was already complete

Reports suggested that the Chinese government was working on ZTE's half to find a compromise, and it looks like Chinese Premier Xi Jinping himself got in touch with the U.S. President, who said today in a tweet that is he "working... to give..."

The Trump administration punished Chinese tech company ZTE for illegal practices, but on Sunday, President Donald Trump said he's going to work to help ZTE because of "too many jobs in China lost". Commerce Department has been instructed to get it done! Trump wrote on Twitter.

"ZTE misled the Department of Commerce", Mr Ross said.

Trump's offer for aid comes at a moment of sky-high trade tensions between the United States and China.

The U.S. ban has additionally been interpreted as a possible salvo in the burgeoning trade war between the Trump administration and China, and through that lens, the action may have given the U.S. leverage in trade negotiations. "Major operating activities of the company have ceased", ZTE said in a filing on Wednesday.

Trump is seeking to cut the chronic USA trade deficit by $100 billion and gain concessions over the policies that foreign companies say force them to share technology in order to gain market access. Trump has proposed tariffs on as much as $60 billion in Chinese goods, and Beijing has responded in kind, prompting only continued threats from the president, who lamented the trade deficit between the two countries during the 2016 presidential campaign. The U.S. officials had brought a list of demands for the Chinese government that included a halt to all subsidies to advanced manufacturing industries.

Last year, ZTE pleaded guilty in us federal court to conspiring to sell USA technology to Iran and North Korea, violating economic sanctions and trade export rules.

ZTE relies on U.S. companies such as Qualcomm and Intel. Those penalties prevented United States companies selling to the Chinese concern, which is a bit of a show-stopper as ZTE is reliant on U.S. companies for all manner of parts - Qualcomm for smartphone CPUs is the tip of the iceberg.

"If evidence now exists to implicate ZTE, we believe it is appropriate for Commerce to take immediate action", the lawmakers wrote in the letter, which was addressed to secretaries of President Barack Obama's Treasury, Commerce and State departments.

More: Spy games: Is buying a Chinese smartphone risky? It's also the fourth largest provider of smartphones in the United States.

Shares of ZTE suppliers including Acacia, Oclaro, Lumentum Holdings Inc, Finisar Corp, Inphi Corp and Fabrinet fell sharply after the ban was announced.

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