President Trump Trying to Bring ZTE Back to Life

16 May, 2018, 08:07 | Author: Brenda Erickson
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Almost three dozen Senate Democrats on Tuesday called on President TrumpDonald John TrumpAvenatti defends right to release Cohen's financial info Pruitt's 24/7 security requested over fears of Trump policy backlash Senate GOP anger over McCain insult grows MORE to put U.S.jobs and national security ahead of China.

Senate Democrats are urging President Donald Trump to reconsider his plans for helping Chinese telecommunications company ZTE get back into business.

The foreign ministry said Vice Premier Liu He will visit the U.S. from Tuesday to Saturday for consultations with U.S. Treasury Secretary Steve Mnuchin.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 10, 2018. "Free and open trade, I think that's the solution".

ZTE was fined $1.2 billion in March 2017 but last month it was hit with a steeper sanction, prohibiting USA firms from supplying it with needed parts after the Commerce Department found the company had lied multiple times and failed to take actions against employees responsible for sanctions violations.

As Colbert pointed out, Trump tweeted that the USA and China were still working together on a new deal.

In a statement on its website about the seven-year ban, ZTE said it was "unacceptable" that the USA government "insists on unfairly imposing the most severe penalty on ZTE even before the completion of investigation of facts".

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"Trade negotiations are continuing with China". The U.S. Department of Commerce made the move after the company failed to punish employees who reportedly violated American trade controls against Iran and North Korea.

The National Foreign Trade Council (NFTC) also warned that the imposition of unilateral tariff remedies proposed by the administration is "premature" and would "do greater harm than good to USA economic interests".

What Trump did not mention, however, is that two days before his first tweet about ZTE, "a state-owned Chinese construction company called the Metallurgical Corporation of China announced it would float a $500 million loan to Indonesian developers to facilitate the construction of a vast "integrated lifestyle resort" called MNC Lido City that includes Trump-branded hotels, residences, and a golf course", as Vox puts it. "It's really divorced from the trade story", Kudlow said. "I don't want to play anyone's hand", said Kudlow. Still, she says his proposed tariffs on Chinese imports would be a huge mistake that would devastate her company. Republican senators from agriculture states have been lobbying the president about every chance they get to make sure farmers don't end up as the big losers in the US-China trade spat. "The more we can work things out, the better it's going to be not just for USA and China, but for the entire world economy", he said. "That's an area where we will be exploring very, very promptly".

The recent actions against ZTE were labeled as not just trade enforcement, but a matter of national security.

"Where this leads I don't know".

Mr Trump's words could help to ease tensions as the world's two largest economies resume talks after months of tariff threats.

After tense talks in Beijing earlier this month, Trump's economic team is trying to hash out an agreement to open China up to more United States goods.

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