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US, China working to get ZTE back into business: Trump

IANS  |  Washington 

and are working to get Chinese ZTE, which is suffering from a US exports ban, back into business, said US

"of China, and I, are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast," tweeted on Sunday.

"Too many jobs in lost. Commerce Department has been instructed to get it done!" he added.

ZTE, one of the world's largest telecom equipment makers, was forced to suspend its main operations worldwide after the prohibited American companies from exporting products to it in mid-April.

admitted to violating US sanctions in 2017, by illegally shipping to and and was later fined $1.1 billion.

Following the exports ban, said it was making with relevant parties to seek a solution to the issue and stressed that it attached significant importance to export control compliance.

The Chinese public and government are greatly concerned about the fate of the company, which has nearly 80,000 employees across the globe.

The incident also triggered in extensive discussions about the necessity and urgency to develop a reliable domestic chip industry.

During the latest China-US economic and trade consultations held in in early May, the Chinese side lodged "solemn representations" with the US over the case.

The US delegates responded that they "attach importance to" China's stance and will report it to Trump, according to a with the

The ZTE ban is also expected to cause sizable losses for the companies' key American suppliers in both revenues and jobs.

--IANS

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mon, May 14 2018. 10:38 IST
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