White House has deal to lift sanctions on China's ZTE
28 May, 2018, 02:29 | Author: Genevieve Gibbs
President Donald Trump said the United States would allow Chinese telecommunications-equipment maker ZTE Corp to remain in business after paying a US$1.3 billion (S$1.74 billion) fine, changing its management and board, and providing "high-level security guarantees".
U.S. Commerce Department officials informed lawmakers of the deal under which ZTE will pay a bigger fine than previously expected, hire American compliance officers and shake up its management team, according to the people, who spoke on condition of anonymity. "I closed it down then let it reopen with high-level security guarantees, change of management and board, must purchase U.S. parts and pay a $1.3 Billion fine". The Chinese company depends on these components to make its products, and the ban, imposed earlier this month, threatened to put ZTE out of business. Chris Van Hollen, D-Md., the author of the Senate provision.
In March 2017 the Trump administration fined ZTE $1.19 billion Dollars for allegedly importing American technology to Iran and North Korea.
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Commerce Secretary Wilbur Ross is scheduled to travel to Beijing on June 2 for further trade talks and discussions over China's aggressive push to challenge US technological dominance. Trump has negotiated a $1.3 billion fine with the Chinese President over a phone call, as per Fox News. While shares of optical component company Oclaro Inc, which received 18 percent of its fiscal 2017 revenue from ZTE, were up by 2.7 percent.
With this tweet from President Trump has drawn a lot of criticism from many government officials, because this was the second time when ZTE broked another United States law.
Trump did not reveal more details about the agreement with ZTE, but used the opportunity to give flak to the Democrats over "bad deals" and "Trade Deals [that] are the laughing stock of the world". If ZTE agrees to implement the administration's demands, the Commerce Department will lift the ban on purchasing USA products.
Commerce Secretary Wilbur Ross is scheduled to travel to Beijing on June 2 for further discussions over China's aggressive push to challenge US technological dominance. "It is a great deal. for #ZTE & China", GOP Sen. "Many hoped this time would be different".
Rubio added that Congress should act to stop Trump from letting ZTE get back into business. The firm needs US components for its mobile phones and network equipment.
But, he said, "if we do decide to go forward with an alternative, what it literally would involve would be in planting people of our choosing into the company to constitute a compliance unit and that unit would report back to the Department of Commerce". ZTE shut down most of its production after the ruling was announced, and warned it would drive the company bankrupt. The US and China are engaged in high-stakes talks on steel trade and intellectual property rights under the looming threat of punitive tariffs.
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That bill was approved after the administration signaled it was reconsidering penalties against the company. Commerce Secretary Wilbur Ross is scheduled to visit China next week for another round of talks.
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