Trump Says He's Trying to Help Save ZTE
President Trump took to Twitter this morning to suggest he's looking to recall the Commerce Department's ban against ZTE. "President Xi of China, and I, are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast," wrote the President. "Too many jobs in China lost. Commerce Department has been instructed to get it done!" The Commerce Department banned U.S. companies from selling parts and software to China-based ZTE for failing to live up to a 2017 settlement agreement. ZTE was caught selling parts to Iran despite international sanctions. The company paid a massive fine and agreed to penalize some 35 managers as a result. The Commerce Department says ZTE did not penalize its managers and then lied about it. The ban, which is supposed to last through 2025, has effectively put ZTE out of business. Last week, the company ceased most operations as a result. It's unclear what President Trump actually said to the Commerce Department, nor is it clear how long it might take to actually reverse the ban.
May 22, 2018
The U.S. and China are near to reaching a deal that would offer ZTE reprieve from the seven-year ban enacted against it by the Commerce Department.
May 14, 2018
Wilbur Ross, the U.S. Secretary of Commerce, said his department is open to changing its ban impacting ZTE.
Jul 20, 2018
Senators have overturned an agreement added to the National Defense Authorization Act, or NDAA, that would have made it more difficult for President Trump to remove the ban instituted against ZTE. Earlier this year, the Commerce Department said ZTE lied about a previous settlement and banned the company from using American parts or software in its phonres for a period of seven years.
Jun 29, 2018
ZTE is nearly ready to install a new board of directors, a step required by the U.S. Department of Commerce if the company wants to end the ban on U.S.