Congress threatens to block deal between White House and China on ZTE

Congress threatens to block deal between White House and China on ZTE

The fine would come on top of the roughly $1 billion ZTE has already paid for selling equipment to North Korea and Iran in violation of USA sanctions.

In a tweet Friday evening, Trump confirmed a deal that his administration had outlined for members of Congress, according to two people familiar with the matter.

The Commerce Department did not immediately respond to a call seeking further details about the agreement.

A growing group of lawmakers is threatening to intervene to stop the White House from cutting a deal with China to save ZTE Corp., seeking to upend sensitive negotiations over the embattled Chinese telecommunications company that are expected to intensify next week.

Members of Congress from both parties warned the Trump administration not to reverse sanctions on ZTE since the company both violated USA law and posed a national security threat.

He later tweeted that the ZTE talks were "part of a larger trade deal" being negotiated with China. I closed it down then let it reopen with high level security guarantees, change of management and board, must purchase US parts and pay a $1.3 Billion fine. As part of a new deal, the Commerce Department would lift the order. That's apparently a $1.3 billion fine, a new management team and board, and "high-level security guarantees".

While such an agreement is viewed as a way to advance trade negotiations with China, lawmakers could be resistant to a deal. Sen.

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"The ZTE move was very surprising", said Nathan Sheets, chief economist at PGIM Fixed Income and former undersecretary for worldwide affairs at the Treasury Department under President Barack Obama. Many hoped this time would be different.

On Thursday, the House passed its own defense policy bill with language banning the Pentagon from purchasing ZTE technology. The company said in a statement on May 10 that due to the crackdown, "the major operating activities of the company have ceased".

Senate Minority Leader Chuck Schumer of NY was similarly sceptical, saying that "both parties in Congress should come together to stop this deal in its tracks".

Ross is scheduled to travel to Beijing next week to accelerate talks, particularly focused on securing a commitment from China to purchase more US goods.

News of the ZTE agreement came almost a week after the US and China suspended plans to impose tariffs on as much as $200 billion of each other's goods, putting them on the brink of a trade war.

"We urge you not to compromise lawful USA enforcement actions against serial and premeditated violators of USA law, such as ZTE", numerous lawmakers, including Sen.

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