Trump vows to save jobs at China's ZTE lost after United States sanctions

14 May, 2018, 06:05 | Author: Teresa Adams
  • US authorities have banned firms from selling parts to China's ZTE for seven yearsMore

The United States and China will be able to reach an agreement in the sphere of trade that would benefit both countries, said the President of the United States Donald trump.

US President Donald Trump has told his commerce department to get ZTE, the massive Chinese telecom equipment maker, back into business after it denied the company export privileges. The ban was put in place after Washington said ZTE violated a deal struck previous year in which ZTE agreed to pay a $1.2 billion fine for violating United States sanctions on Iran and North Korea.

At issue is that department's move last month to block the ZTE Corp., a major supplier of telecoms networks and smartphones based in southern China, from importing American components for seven years.

Then, of course, the President is involved in an aggressive trade dispute with China, which, on the US side, included tariffs on about $60 billion of Chinese goods, the bulk of which were focused on the high-tech industry.

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"But be cool, it will all work out!" he added.

But ZTE still relies on U.S. companies to supply it with components for its networking gear. "This egregious behavior can not be ignored".

Given ZTE's operations are now mostly suspended and not bringing in revenue for the company, whatever negotiations take place in the next two weeks are of vital importance in determining the company's future.

In March, a furious Beijing lashed out at Mr Trump's decision to impose steel and aluminium tariffs on China, warning a trade war is the last thing the world wants.

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Republican Representative Robert Pittenger, a sponsor of legislation that would strengthen the USA national security review process for foreign investment, said after the Commerce ban was announced that the United States "must be vigilant against Chinese threats to both our economic security and national security". "China may now have strengthened its desire to get out from a under a scenario where the United States can do that again".

Chinese officials raised objections to the penalties on ZTE when a US negotiating team visited Beijing earlier this month.

Experts said Trump's policy reversal was unprecedented.

Which brings us back to Trump.

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"Our intelligence agencies have warned that ZTE technology and phones pose a major cyber security threat", he said. ZTE's relationship with Google is pretty much unavoidable, such is the dominance of Android on the OS world, but allowing such a dependence everywhere else to develop over time now looks like a ridiculous development. Oclaro, which earned 18 percent of its fiscal 2017 revenue from ZTE, fell 17 percent.

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