Monday, 28 May, 2018

China sends trade envoy to United States, welcomes Trump ZTE comments

Proshare Nigeria Pvt. Ltd US, China trade talks: What's on Beijing's 'shopping list'
Jay Anderson | 15 May, 2018, 22:36

According to IDC data, ZTE sources more than 40 percent of its components from the US, creating a multibillion-dollar revenue stream for suppliers like Qualcomm and Intel. "Commerce Department has been instructed to get it done!"

But he offered an olive branch in calling on US officials to revisit penalties for Chinese company ZTE Corp. for flouting USA sanctions on trade with Iran and North Korea. Trump appears willing to negotiate, and just over the weekend announced his intention to help Chinese electronics maker ZTE, which was on the brink of collapse after USA imposed penalties on it last month for breaking sanctions against Iran and North Korea.

The negotiations would also ease roadblocks in China faced by a USA semiconductor company Qualcomm Inc., whose proposed acquisition of NXP Semiconductors NV of the Netherlands has been held up by Beijing.

CHINA FACTOR: President Donald Trump tweeted Sunday that he was working with President Xi Jinping of China to put Chinese telecom ZTE "back into business, fast" after US sanctions threatened ZTE's existence and 70,000 Chinese jobs.

ZTE is a state-linked telecommunications company that sells its equipment to 140 countries.

Shortly thereafter, the Chinese government reportedly restarted its review of the application of Qualcomm-a USA telecom company-to acquire the Chinese company NXP.




The two delegations addressed issues relating to expanding US exports to China, bilateral trade in services, bilateral investments, intellectual property protection and tariffs.

It relies on United States microchips and other components for 25-30% of the equipment it produces.

Bill Evanina, the director of the National Security and Counterintelligence Center, a federal counterspy agency, said in a Senate hearing Tuesday he would not recommend that anyone in government or the private sector use ZTE phones over electronic spying concerns.

Sen. Marco Rubio (R., Fla.) criticized the plan to ease sanctions on ZTE and said the company has benefited from the theft of American technology. "Trump may have recognized that backing off on ZTE clears the path for him to claim at least a partial victory in the US-China trade dispute based on the concessions the Chinese seem prepared to offer". "It is because they got caught helping North Korea and helping Iran evade sanctions and they were punished for it".

"The United States and China are the two biggest economies in the world".

Senate Democrats also criticized the president for appearing to give in to Chinese pressure on the ZTE sanctions.

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