Trump Extends Lifeline to Sanctioned Tech Company ZTE

ZTE Downplays Deathbed Reports Following Crippling US Ban

ZTE, one of China's leading technology companies, has announced it will end "major operations", after the US government barred American firms from doing business with the telecom equipment maker.

Jobs in China are at risk, he said.

ZTE was also handed a seven-year suspended denial of export privileges, which the commerce department made a decision to activate last month after determining the company had lied about its handling of the matter.

US President Donald Trump has told the US Commerce Department to get ZTE Corp., the massive Chinese telecom equipment maker, back into business after denying the company export privileges in April in a withering statement on ZTE's "egregious" behaviour. Too many jobs in China lost. "Commerce Department has been instructed to get it done", Donald Trump wrote on Twitter.

Spokesmen for the Commerce Department and ZTE weren't immediately available for comment.

The trade troubles threaten a technology sector that is increasingly intertwined with major players in the United States and China. More recently, reports have suggested that the Trump administration is considering various ways to limit Chinese firms' ability to invest in the US.

ZTE is not among Qualcomm's publicly disclosed largest customers, which include Apple Inc, Samsung Electronics Co Ltd and Chinese smartphone makers Oppo and Vivo.

It's highly unusual for a president to personally intervene in a regulatory matter and could undercut the leverage of Treasury and Commerce officials seeking to enforce sanctions and trade rules.

The order followed $1.2bn (£900m) of fines against the company a year ago after it was found to have breached trade embargoes against Iran and North Korea by buying components from USA firms, packaging them together into its equipment and selling them on to the ostracised countries.

More youth mental health supports coming to BC
At a time when many students are stressing out about final exams, BC's Mental Health Minister says more support is coming. Tucson Mayor Jonathan Rothschild is scheduled to read a Mental Health Awareness proclamation.

Beijing has closely followed the developments around ZTE, a company with 80,000 employees headquartered in southern China.

Last week, the company said that its earnings have surged, reporting a 39 percent jump in net income for the first quarter.

"ZTE made false statements to the U.S. Government when they were originally caught and put on the Entity List, made false statements during the reprieve it was given, and made false statements again during its probation".

Congress has long seen ZTE and other Chinese telecommunications firms as a possible threat to national cybersecurity because their devices have the potential to allow surveillance by China's government.

Increasing reliance on Chinese telecom equipment would give Beijing an edge in global surveillance and intelligence, he said.

"As a result of the (US-imposed) Denial Order, the major operating activities of the company have ceased", ZTE said in regulatory filings late on Wednesday. During the campaign, Trump blasted China for what he alleged was a pattern of cheating through currency devaluation and other measures to steal American jobs and hurt US workers. And a looming trade war between the United States and China has been punctuated by both nations threatening billions of dollars worth of tariffs against the other.

But Trump said he was optimistic about the future of the countries' trade relations.

He returned to the topic more than five hours later by blasting past trade agreements between the two countries.

Related News:



Most liked

USA fighters intercepted two Russian bombers off the coast of Alaska
F-33 Stealth fighter jets fired warning flares after Russian Su-25 jets entered an agreed deconfliction area in Syrian airspace. The Russian Sukhoi Su-27 jet came within 20 feet of the American P-8 in global airspace.

Lethal Weapon Recasts Lead With Seann William Scott as New Character
Lethal Weapon is packed with action, drama and pure fun and we can't wait to see Damon and Seann together on screen". Fox officially announced Lethal Weapon has been renewed for a third season.

Family of seven found dead in rural Australia
Police say they were alerted to the killings by a phone call from a man at the property early on Friday morning. Haynes told 9 News that over the years, Cynda Miles had become a beloved member of the small community.

Amitabh Bachchan's epic reaction after watching Avengers: Infinity War
Rom-com " Overboard " slipped from second to fourth place with a box office take of $10.1 million its second weekend in theaters. And it didn't match the $19.5 million opening of Amy Schumer and Goldie Hawn's Snatched over Mother's Day weekend past year .

Newcastle thrash Chelsea 3 - 0 in epic Premier League clash
Chelsea coach Antonio Conte has said the departure of the team's former Technical Director Mike Emenalo made the season hard for the Blues.

India's 'uncooperative' attitude, 'stubbornness' delaying Mumbai attacks trial, says Nisar
Pakistan's former interior minister Chaudhry Nisar Ali Khan (L) questioned the haste in hanging Ajmal Kasab. The Mumbai case is being tried in an anti-terrorism court since 2009 but the case isn't going anywhere.

Man City's Pep Guardiola: '100 points, I still can not believe it'
They needed only a point to head off Chelsea and seal the fourth remaining spot in Europe's premier club competition next season. Key Opta stats: - Stoke secured their first league double over the Swans since 1992-93, when they were in the third tier.

Seven die in Australia's worst shooting for 22 years
He also said the father of the children has been contacted and that police were helping him during this hard time. In Osmington that in Western Australia, was discovered seven bodies, four of them children .

The Sunday Times Rich ranks Andy Murray on its new list
Sir Len Balvatnik was listed in third place at £15.26bn, after being knighted this year for services to philanthropy. Today's super rich include people who have set up businesses selling chocolate, sushi, pet food and eggs.

Hamburg fans launch flares onto pitch following historic first relegation
Schalke had already wrapped up second place, but it was between Dortmund, Leverkusen and Hoffenheim for the remaining two spots. The cup victor qualifies for the Europa League , but Bayern has already reached the Champions League .

3-7 Year Treasury Bond Ishares (IEI) AO Seeing a Consistent Downtrend
Naples Global Advisors LLC purchased a new stake in iShares MSCI ACWI ex US ETF during the fourth quarter worth about $206,000. Falling trend-s are defined by trendlines that are drawn between two or more peaks (high points) to identify price resistance.

Man Utd striker Lukaku upbeat making FA Cup final
Lukaku has been recovering from an ankle injury in Antwerp since suffering minor ligament damage against Arsenal last month.

First Chinese-built aircraft carrier takes to the waves for trials
The completely home-grown aircraft carrier has departed for sea trials this morning, state-run China Daily said in a brief report. The ship's chief engineering commander, Hu Wenming, told the broadcaster the carrier was smaller than US carriers' Nimitz class.

Jose Mourinho 'not totally happy' with second place
Speaking at a news conference on Wednesday at Carrington, Mourinho said: "How many points separate us from Manchester City? ". While their displays have often left a lot to be desired, one man simply can't understand why everyone is picking on United.

"Stamp Out Hunger" Food Drive Saturday
As letter carriers, Richard Hatzenbuhler says they see the need to fill hungry bellies almost every day while on the job . The food bank serves 11 counties in Northwestern and Central Pennsylvania.