US reaches deal to keep China's ZTE in business: congressional aide

US reaches deal to keep China's ZTE in business: congressional aide

To recap, after warnings from intel leaders about using ZTE phone and the implementation of a US export ban, the President tweeted, "President Xi of China, and I, are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast". The Commerce Department would then lift an order preventing ZTE from buying USA products.

With news that the Trump administration has reached a deal with ZTE, President Trump took to Twitter to defend it tonight, swiping at Democrats in the process.

The deal, communicated to officials on Capitol Hill by the Commerce Department, requires ZTE to pay a substantial fine, place American compliance officers at the company and change its management team, the aide said. The Commerce Department, in return, would lift an order that now prevents ZTE from buying American products. The Trump administration has pushed China to help cut the $376 billion trade surplus with the U.S, with Beijing so far making only vague commitments to buy more US goods, including farm products and energy. The ban is devastating to ZTE, the second-largest manufacturer of cellphones in Chia, and could put as many as 70,000 employees out of work.

ZTE told the Commerce Department that it had punished those responsible, but when paperwork proving this was requested, the department determined that ZTE had not followed through, resulting in the institution of the full sanctions.

After the deal today was reported on, Senate Minority Leader Chuck Schumer tweeted in response, "If the administration goes through with this reported deal, President Trump would be helping make China great again".

Lawmakers have warned the administration not to go easy on a company that brazenly violated USA sanctions against two rogue nations that were pursuing nuclear weapons production.

Florida Republican Sen. Marco Rubio also came out against it, calling it a "great deal. for #ZTE & China".

"ZTE presents a national security threat to the United States - and nothing in this reported deal addresses that fundamental fact", said Sen. Many hoped this time would be different.

Rubio, as well as Democratic Senators Chuck Schumer and Chris Van Hollen, said Congress should act to stop Trump from letting ZTE get back into business.

Shares of ZTE's USA suppliers traded higher on Friday.

On the eve of broad trade talks last week with a Chinese trade envoy, Trump waded into the ZTE case: He tweeted that he was working with President Xi Jinping to put ZTE "back in business, fast" and save tens of thousands of Chinese jobs.

A ZTE deal could help with high-stakes talks between the U.S. and China, which see the steel trade and intellectual property rights under the looming threat of punitive tariffs.

Word of a reported ZTE agreement comes almost a week after the US and China suspended plans to impose tariffs on as much as $200 billion of each other's goods. #China crushes USA companies with no mercy & they use these telecomm companies to spy & steal from us. U.S. Commerce Secretary Wilbur Ross is scheduled to visit China next week for another round of talks.

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