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Trump’s reversal on Telecom companies ZTE under the microscope
Democrats, the President are pushing to put US jobs, national security, before China; chief intelligence correspondent Catherine Herridge reports from Washington.
President, Trump told Fox News on Friday, he struck a deal with the Chinese President to facilitate Xi Jinping, U.S. sanctions against Chinese Telecom giant ZTE.
The Commerce Department last month blocked China’s ZTE Import of American components for seven years, accused of misleading U.S. regulators, after it had in the past year, the charges of violating sanctions against Iran and North Korea. The ban is a virtual death sentence for ZTE, the US parts.
The trump administration, though, caused controversy by ZTE in play in the midst of negotiations on trade agreements.
According to Trump, Xi recently called him to ask if there was something he could do to the company back in business. Trump asked Xi to do what he was ready, the President said — and Xi replied that he was ready, ZTE, pay a fine of $500 million dollars for embargo violations, change management, and the board swap. Trump countered with a fine of $1.5 billion, the management and board swaps, which is a guarantee of safety and a guarantee that ZTE would buy a large percentage of its parts from U.S. companies, he said.
After further negotiations, you are 1.3 billion, in order, the President settled on $.
Trump told Fox News shows its deal with ZTE, that he is willing to be tough on China and Chinese companies, if they behave badly.
“ZTE I run down,” Trump told Fox News. “Obama has not ZTE punish. I have to finish it.”
Trump said Xi told him tens of thousands of people would lose their jobs to sell if the United States continues to refuse to ZTE parts. Xi Trump said many of these jobs were in their home.
The Commerce Department informed the officials on Capitol Hill on Friday that an agreement has been reached.
Democrats, meanwhile, blasted the possible deal on Friday.
“If the administration goes through with this deal, reported to be President Trump would be that of China great again,” said Senate democratic leader Chuck Schumer, D-NY “Just a fine and change of board members of America’s economic or national security would protect, and would be a major victory for President Xi and a dramatic retreat of President Trump. Both parties in Congress to this deal to stop that in its tracks.”
Florida Republican Sen., Marco Rubio came out against him, calling it a “great offer… for #ZTE and China.”
Yes, you have a deal in mind. It is a good deal… for #ZTE and China. #China crushes US firms with no mercy ‘ & use them to spy on these telecomm companies & steal from us. Many hoped this time was going to be different. Now Congress must act. https://t.co/ETMUCe9ia6
— Marco Rubio (@marcorubio) may 25, 2018
The ZTE talks occur after the USA and China last weekend to impose plans duties on as much as $200 billion were in the other, pull back from the brink of a trade war. China on Tuesday made a conciliatory gesture by cutting the tariff on imported cars to 15 percent from 25 percent, to 1. July effective.
Minister of Finance, Steven Mnuchin said last weekend that the trade war is “on hold.”
In the face of congressional criticism, Mnuchin on Tuesday denied that the US provides relief for ZTE in exchange for trade concessions.
“This is not a quid pro quo,” or something else ” Mnuchin, a Senate appropriations said the sub-Committee.
Fox News’ Alex Pappas and Chad Pergram and Fox Business’ Blake Burman and The Associated Press contributed to this report.
John Roberts is currently the chief White House correspondent for FOX News Channel (FNC). He joined the network as a senior national correspondent in January 2011, based in the Atlanta office.