U.S. reached deal to keep Chinese telecom ZTE in business: congressional aide

U.S. reached deal to keep Chinese telecom ZTE in business: congressional aide

The House on Thursday voted to cut off Chinese telecommunications company ZTE from US business dealings, putting pressure on the firm and President TrumpDonald John TrumpComey: Trump's "Spygate" claims are made up Trump taps vocal anti-illegal immigration advocate for State Dept's top refugee job Seattle Seahawks player: Trump is "an idiot" for saying protesting National Football League players "shouldn't be in the country" MORE.

The Commerce Department last month blocked China's ZTE from importing American components for seven years, accusing it of misleading US regulators after it last year settled charges of violating sanctions against Iran and North Korea. Trump countered with a fine of $1.5 billion, the management and board swaps, security guarantees and a guarantee that ZTE would buy a large percentage of its parts from US companies, he said. The ban was a virtual death sentence for ZTE, which relies on US parts.

President Trump said Chinese leader Xi Jinping has personally asked him to intervene to help ZTE, and he has said that he would.

In a statement, a White House official said, "This is a law enforcement action being handled by Commerce". "We are making sure ZTE is held accountable for violating USA sanctions, pays a big price and that we are protecting our security infrastructure and U.S.jobs".

The Trump administration has struck a deal to lift a ban on Chinese cellphone maker ZTE, according to multiple reports, potentially putting President Trump on a collision course with Congress.

That bill was approved after the administration signaled it was reconsidering penalties against the company.

The company has lost over $3 billion since the April 15th ban on doing business with USA suppliers, according to a source familiar with the matter.

The plan is already drawing fire from ZTE critics in Congress, further inflaming tensions over trade policy in a week when Republicans blasted the administration for contemplating tariffs on auto imports. It is a great deal. for #ZTE & China. The U.S. government is also concerned that the state-backed company was using its devices to spy on users.

ZTE is one of China's leading manufacturers of telecom equipment.

Chinese officials sought a pullback on ZTE as part of any broader deal to prevent a trade war between the world's two biggest economies. 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 US goods, including farm products and energy. United States companies provide up to 30 percent of components used in ZTE's equipment.

As part of the agreements ZTE made previous year it dismissed four senior employees.

A ZTE deal could help with high-stakes talks between the USA and China, which see the steel trade and intellectual property rights under the looming threat of punitive tariffs. Optical component company Oclaro Inc, which received 18 percent of its fiscal 2017 revenue from ZTE, rose 2.7 percent.

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