U.S. reaches deal to keep China’s ZTE in business

US reaches deal to keep China’s ZTE in business

Some lawmakers not happy with ZTE deal

Chris Van Hollen, D-Md., the author of the Senate provision. "That's a dereliction of our duty here in the Congress, and it's the president's duty to protect us". ZTE would also have to purchase a majority of its components from USA companies, which is slightly ironic, considering ZTE's reliance on US -made components got it into this situation in the first place.

"The Trump administration has yet to give a satisfactory answer about the reason behind and the appropriateness of making concessions to ZTE, a Chinese company that illegally sold US technology to hostile regimes", they wrote. ZTE insisted that it would need to shut down "major business operations" and let go of the majority of its 70,000 employees due to the ban.

Schumer added: "Both parties in Congress should come together to stop this deal in its tracks".

"The recent ZTE incident made everyone more clearly realize that however advanced one may be in mobile payment, without the mobile, the chips and the operating system, you still can not compete", Chinese media reports cited Tecent's Pony Ma as saying at a forum in Shenzhen on Saturday.

China worked to get the sanctions against ZTE lifted in trade negations with the Trump administration over the past two weeks.

Fox News reported that Trump negotiated the $1.3 billion fine with Chinese President Xi Jinping in a phone call.

On Thursday, the House passed its own defense policy bill with language banning the Pentagon from purchasing ZTE technology.

NEW: Will be sending this letter with more than 60 colleagues to demand an ethics investigation into @realDonaldTrump advocating for a Chinese company just days after China's government gave his company a $500 million loan. During the trip, Ross is expected to also play a role in dealing with the ZTE discussions. The ban amounted to a virtual death sentence for ZTE, which relies on us parts, and it also hurt ZTE's USA suppliers. Trump has said helping ZTE would actually help American companies as well, as it would allow them to continue selling their products overseas.

ZTE will view the deal as something of a lifeline, but the conditions that have been attached are a high price to pay.

The telecom company has become entwined in high-stakes trade talks between the USA and China.

Even if ZTE concedes, the deal will likely face opposition in the United States as well. But the company has responded and said that the verdict is unfair and threatens the survival.

With this tweet from President Trump has drawn a lot of criticism from many government officials, because this was the second time when ZTE broked another USA law. John Cornyn (R-Tex.), wrote to top White House officials this week.

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