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Trump, Xi throw ZTE some lifeline

U.S. President Donald Trump said on Sunday that he and Chinese President Xi Jinping are working to give Chinese telecom company ZTE Corp “a way to get back into business, fast.”

Some lifeline coming to ZTE, says Trump

“President Xi of China, and I, are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast. Too many jobs in China lost. Commerce Department has been instructed to get it done!” Trump wrote on Twitter.

The Chinese technology company earlier this month suspended its main operations after the U.S. Commerce Department banned American supplies to its business.

The ban is the result of ZTE’s failure to comply with an agreement with the U.S. government after it pleaded guilty last year to conspiring to violate U.S. sanctions by illegally shipping U.S. goods and technology to Iran, the Commerce Department said.

As one of the world’s largest telecom equipment makers, ZTE relied on U.S. companies such as Qualcomm Inc and Intel Corp for components.

American companies are estimated to provide 25 percent to 30 percent of the components used in ZTE’s equipment, which includes smartphones and gear to build telecommunications networks

NAN


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