ZTE Ceases Operations Due To US Ban, Despite Trump Pledge

15 May, 2018, 22:37 | Author: Bert Pena
  • Liao Min the former Shanghai bureau chief of the country‚Äôs banking regulator has been promoted to be deputy director of the general office of the Central Financial and Economic Affairs Commission

FBN's Connell McShane and Susan Li on the Trump administration's efforts to reduce the US trade deficit with China and concerns of a potential recession by 2020.

In a story May 13 about President Donald Trump's promise to help Chinese telecommunications company ZTE, The Associated Press reported erroneously that Amanda DeBusk is the chair of the worldwide trade department at the law firm Hughes Hubbard & Reed.

After ZTE failed to take action against company employees involved in the illegal exports, the Commerce Department last month banned USA companies from supplying goods to ZTE for seven years.

"Stay tuned!" Trump said in a Twitter message.

In a second tweet on Sunday, Mr Trump said: "China and the United States are working well together on trade, but past negotiations have been so one sided in favor of China, for so many years, that it is hard for them to make a deal that benefits both countries".

ZTE announced last week the US sanctions would force it to curtail major operations.

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Relations between the United States and China have become increasingly fractious with regard to trade.

Negotiators from the USA and China are scheduled to meet in Washington on Monday, where, after months of trade tensions, Beijing is said to be open to purchasing a wider array of US goods and services.

Chinese negotiators who were holding trade talks with USA counterparts in Beijing in late April, asked the United States to hear ZTE's appeal, and take into account the company's efforts to improve its compliance, and amend the ban. In retaliation, Beijing is threatening tariffs on $50 billion in US products.

In retaliation, China announced its decision to impose 25 per cent tariffs on a total of 106 goods imported from the US.

It relies on USA microchips and other components for 25-30% of the equipment it produces. "But be cool, it will all work out!"

But Democratic lawmaker Adam Schiff cautioned against being too soft on the company, saying on Twitter: "Our intelligence agencies have warned that ZTE technology and phones pose a major cyber security threat". Trump appears willing to negotiate, and just over the weekend announced his intention to help Chinese electronics maker ZTE, which was on the brink of collapse after US imposed penalties on it last month for breaking sanctions against Iran and North Korea. "You should care more about our national security than Chinese jobs", Schiff said in a tweet directed at Trump.

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