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undergroundnewsroom.com May 27, 2018


ZTE Downplays Deathbed Reports Following Crippling US Ban

14 May 2018, 12:28 | Gordon Grant

ZTE Downplays Deathbed Reports Following Crippling US Ban

ZTE Downplays Deathbed Reports Following Crippling US Ban

US President Donald Trump has said he wants to help save ZTE, one of China's biggest telecoms companies. In a tweet sent from a golf course in Virginia, the president says that he is working with Chinese president Xi Jinping on "a way to get (ZTE) back into business, fast".

USA commentators say the tone of the tweet is a dramatic shift for Mr Trump, who has consistently accused China of stealing U.S. jobs.

In April this year, the Commerce Department found ZTE had violated the terms of last year's settlement and banned U.S. companies from providing exports to ZTE for seven years.

The Trump administration punished Chinese tech company ZTE for illegal practices, but on Sunday, President Donald Trump said he's going to work to help ZTE because of "too many jobs in China lost".

Trump's reassurance comes as the US and China - the world's two largest economies - have hit each other with tariffs in an escalating trade battle.

"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.

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Adding to tensions, the company was slapped with a $1.2 billion fine a year ago after the U.S government discovered it was doing business with North Korea and Iran.

Beijing has closely followed the developments around ZTE, a company with 80,000 employees headquartered in southern China. The US move against ZTE is also a blow to American component makers like Qualcomm, Microsoft and Intel, who sell it billions of dollars worth of equipment every year.

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

The Commerce Department ban on US suppliers exporting goods to the Chinese network equipment and handset maker was discussed when a delegation led by US Treasury Secretary Steven Mnuchin met with Chinese officials in Beijing last week.

The suspension of ZTE's operations follows several recent actions by the USA government that hindered its business prospects. A ZTE spokesman also did not respond to an email seeking comment.

For instance, MTN, a South Africa-based wireless carrier with 220 million customers throughout Africa and the Middle East, said the possibility ZTE would collapse forced the carrier to develop contingency plans.



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