Prez Trump to save manufacturing jobs … in China, at ZTE

Prez Trump to save manufacturing jobs … in China, at ZTE

President Trump on Sunday said he's working with China to help ZTE "get back into business, fast" and prevent further job loss in China.

Trump, who has taken a hard line on trade and technology issues with Beijing, tweeted that he and Chinese leader Xi Jinping "are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast".

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

The company said it was halting all of its major business activities in the USA last week after the country's Department of Commerce issued a so-called denial order, prohibiting American exporters from doing business with it, but appeared to have been thrown a lifeline by Mr Trump yesterday.

President Donald Trump pledged on Sunday to help Chinese phone manufacturer ZTE return to business, days after the company said it would cease "major operating activities" because of the USA government's recent trade restrictions. The ban was put in place after Washington said ZTE violated a deal struck a year ago in which ZTE agreed to pay a $1.2 billion fine for violating USA sanctions on Iran and North Korea.

As one of the world's largest telecom equipment makers, ZTE relied on U.S. companies for components. American companies are said to supply 25% to 30% of components used by ZTE, which makes smartphones and gear for telecom networks.

Trump's willingness to aid ZTE in preserving Chinese jobs comes despite his condemnations of China on the campaign trail.




USA officials are preparing for talks in Washington with China's top trade official Liu He to resolve an escalating trade dispute.

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

ZTE's fiber-optic networks depend on U.S. components and its cheap smartphones sold en masse overseas are powered by USA chips and the Android operating system.

Trump expects Commerce Secretary Wilbur Ross "to exercise his independent judgment, consistent with applicable laws and regulations, to resolve the regulatory action involving ZTE based on its facts", Walters said. During the meetings, the USA delegation led by Treasury Secretary Steven Mnuchin demanded China cut the trade surplus with the U.S.by $200 billion, sharply lower tariffs and advance technology subsidies, according to Reuters, which citied people familiar with the talks. The firm said last Thursday that it had it's suspended all major operations.

It also marks the second time in the last month the Trump administration has moved to roll back sanctions against a foreign company that had almost been pushed into insolvency, raising questions over how thoroughly the White House is co-ordinating sanctions policy with federal agencies.

"Our intelligence agencies have warned that ZTE technology and phones pose a major cyber security threat", said Adam Schiff, who is the senior opposition Democratic Congressman on the House Intelligence Committee.

The US ban followed an edict earlier in the year against Huawei, also a Chinese manufacturer, that caused a carrier sales deal to fall through just as it was set to be announced at CES. Oclaro, which earned 18 percent of its fiscal 2017 revenue from ZTE, fell 17 percent.

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