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| Economy |
| Trump defends intervention to help China telecom company ZTE |
| 2018-05-15 |
| [Reuters] WASHINGTON - President Donald Trump on Monday defended his decision to revisit penalties for Chinese company ZTE Corp for flouting U.S. sanctions on trade with Iran, saying the telecom maker is a big buyer for U.S. suppliers. Trump, known for his fiery rhetoric against Chinese trade practices he says hurt U.S. jobs, faced backlash from both Republican and Democratic lawmakers after he pledged to work with Chinese President Xi Jinping to help ZTE, saying too many jobs in China had been lost. The company shut its main operations after the Commerce Department banned U.S. companies from selling components to ZTE for seven years after it violated the terms of a settlement deal for illegally shipping goods made with U.S. parts to Iran and North Korea. "ZTE, the large Chinese phone company, buys a big percentage of individual parts from U.S. companies. This is also reflective of the larger trade deal we are negotiating with China and my personal relationship with President Xi," Trump said on Monday. ZTE paid more than $2.3 billion to 211 U.S. exporters in 2017, a senior ZTE official said on Friday. U.S. companies are estimated to provide 25 percent to 30 percent of components used in ZTE’s smartphones, network gear and other products. |
| Posted by:Besoeker |
| #2 The art of doing business |
| Posted by: P2kontheroad 2018-05-15 07:15 |
| #1 quid pro quo |
| Posted by: 746 2018-05-15 02:22 |