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tinyfav.com May 23, 2018


Donald Trump now wants to save ZTE and everyone's confused

14 May 2018, 12:28 | Melanie Burgess

US authorities have banned firms from selling parts to China's ZTE for seven yearsMore

US authorities have banned firms from selling parts to China's ZTE for seven yearsMore

President Donald Trump says he now wants to help save the beleaguered handset maker, tweeting Sunday that he wanted to give the company "a way to get back into business, fast".

China requested that President Donald Trump back off his threat of tariffs on Chinese imports, treat Chinese investments equally under United States security reviews, and reassess the ban on ZTE.

Somewhat bizarrely, Trump cited a loss of jobs in China as a motivating factor.

The firm suspended its main operations after the U.S. commerce department banned American companies from selling it components for seven years.

Trump announced on Twitter he is working with the Chinese government and ordered the U.S. Department of Commerce to find a way to help the company continue to operate after a U.S. trade ban imposed last month that's cut into its revenue.

ZTE said it is working with the Trump administration to reverse the sanctions and "forge a positive outcome in the development of the matters".

ZTE, as one of the world's largest telecom equipment makers, relied on US companies such as Qualcomm and Intel for components. The punishment resulted in ZTE suspending all major operations, according to a May 10 statement.

Chinese telecom giant ZTE said its major operations had "ceased" following last month's U.S. ban on American sales of critical technology to the company, raising the possibility of its collapse. "Commerce Department has been instructed to get it done!"

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The Chinese company sells smartphones and telecommunications equipment around the world and was slapped with the seven-year export ban because the Chinese company lied to American officials about punishing employees who violated US sanctions on North Korea and Iran.

ZTE spent more than $2.3bn on imports from about 200 United States companies past year.

Qualcomm last month said it expected lost sales to ZTE to lower its earnings by 3 cents per share in the current quarter.

The White House did not immediately respond to a request for comment.

The ban also hurts ZTE's ability to provide services, such as repairs to infrastructure, to customers in other countries and regions in which it operates.

But U.S. officials said this year that ZTE didn't discipline all the employees involved in the violations.

Beijing has made ZTE a priority in its negotiations with the US.



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