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US Reaches Deal To Keep Chinese Telecom ZTE in Business (reuters.com)
The Trump administration told lawmakers the U.S. government has reached a deal to put Chinese telecommunications company ZTE Corp back in business, a senior congressional aide said on Friday. From a report: The deal, communicated to officials on Capitol Hill by the Commerce Department, requires ZTE to pay a substantial fine, place U.S. compliance officers at the company and change its management team, the aide said. The Commerce Department would then lift an order preventing ZTE from buying U.S. products.
ZTE was banned in April from buying U.S. technology components for seven years for breaking an agreement reached after it violated U.S. sanctions against Iran and North Korea. The Commerce Department decision would allow it to resume business with U.S. companies, including chipmaker Qualcomm Inc.
ZTE was banned in April from buying U.S. technology components for seven years for breaking an agreement reached after it violated U.S. sanctions against Iran and North Korea. The Commerce Department decision would allow it to resume business with U.S. companies, including chipmaker Qualcomm Inc.
Make America Great Again. That President Trump sure goes out of his way for the forgotten people of America.
What do you think going to happen to US agricultural sector when China inevitably retaliates for US torpedoing ZTE?
ZTE was getting a lot of its components from American suppliers and the ban could have hurt those suppliers financially. Some may even have reduced their work forces if demand dropped. This probably also plays into Trump's plans to get China to buy more American products to reduce the trade deficit.
There's also the remote chance that Trump has money invested in those American suppliers. We'll probably never know.