ZTE may live, as Trump administration reportedly reaches deal to revive it

ZTE may live, as Trump administration reportedly reaches deal to revive it

Commerce Department officials told Capitol Hill lawmakers that the deal would require China to pay a $1.3 billion fine, replace ZTE's board, impose national security conditions on the company's operations and require ZTE to buy components from USA companies, according to reports.

Earlier this week, speculation that a deal was in the works sparked objections on Capitol Hill. "Commerce Department has been instructed to get it done!" "Both parties in Congress should come together to stop this deal in its tracks", said the New York Democrat. The Trump administration accused the company of violating the 2017 settlement after ZTE was caught shipping U.S. components to North Korea and Iran and ordered to pay a $900 million penalty.

"That's a bad deal", Rubio said on the Senate floor. U.S. companies provide up to 30 percent of components used in ZTE's equipment.

A ZTE deal could help with high-stakes talks between the United States and China, which see the steel trade and intellectual property rights under the looming threat of punitive tariffs.

"If the administration goes through with this reported deal, President Trump would be helping make China great again", Schumer said.

Kingsview Asset Management's Scott Martin on reports a deal was reached to save China's ZTE.

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Republican Sen. Marco Rubio of Florida tweeted: "It is a great deal. for #ZTE & China. If President Trump won't put our security before Chinese jobs, Congress will act on a bipartisan basis to stop him", said Maryland Democratic Senator Chris Van Hollen, the author of the Senate provision. Many hoped this time would be different. That prompted the Pentagon to ban the devices on military bases.

ZTE has been grappling with a ban that forced it to shut down its major operating activities.

"Simply a fine and changing board members would not protect America's economic or national security, and would be a huge victory for President Xi [Jinping], and a dramatic retreat by President Trump", Schumer said in a statement.

Ross is scheduled to travel to Beijing next week to accelerate talks, particularly focused on securing a commitment from China to purchase more USA goods. The Trump administration has pushed China to help cut the $376 billion trade surplus with the U.S, with Beijing so far making only vague commitments to buy more USA goods, including farm products and energy.

"This is a law enforcement action being handled by Commerce", said Lindsay Walters, the deputy White House press secretary.

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