Schumer rips Trump over ZTE negotiations

Schumer rips Trump over ZTE negotiations

Schumer rips Trump over ZTE negotiations

It came as President Trump, who has described China's vehicle tariffs as "stupid trade", faced a growing revolt over plans to lift sanctions on ZTE, a struggling Chinese telecoms company for which he has pledged to find "a way to get back into business, fast".

"There is no deal".

"As a favour to the president, I am absolutely taking a look at it", he said, referring to Chinese President Xi Jingping.

Trump's comments on trade on Tuesday during an Oval Office meeting with the South Korean President also reflected the extent to which trade negotiations with China loom large amid preparations for the North Korean summit. "We will see what happens", Trump said.

"And in that communique, you can see where we're going next".

In April the U.S. prohibited American companies from selling their components to ZTE, one of the largest telecom equipment makers in the world, for seven years. China's trade surplus with the United States was a record $375 billion in 2017.

Representatives for the U.S. Treasury and Commerce departments did not immediately reply to a request for comment. Mr. Trump's more confrontational approach, including his threat to impose tariffs, might have been worth a try, had he pursued the right goals.

Stocks in the green include The TJX Companies, the off-price department store reported strong first-quarter results, the CEO said in a statement that "customer traffic was the primary driver of store sales increases", Micron Technology as the company is planning a $10 billion share buyback, and NXP Semiconductors - shares rising on hopes its deal with Qualcomm will be approved by China as trade tensions appear to ease. Chris Van Hollen, a Maryland Democrat to wrote the legislation. The amendment would require the president to certify that the company was no longer violating US law, had not done so for a year and was fully cooperating with investigators before changing its penalties. The bill passed the panel 25-0 and now advances to the full Senate for a vote.

The White House said in a statement Monday that "the president and his entire administration are committed to ending decades of unfair and illegal trading practices that harm our farmers, workers and many other parts of the US economy". Paid $1billion fine & agreed to discipline employees. Then it ignored that, choosing to pay bonuses to those execs instead. Various deals are being discussed, he added.

The Commerce Department last month blocked China's ZTE from importing American components for seven years, accusing it of misleading USA regulators after it last year settled charges of violating sanctions against Iran and North Korea. The department ordered the seven-year ban after the company admitted to lying to it about punishing employees who broke sanctions against Iran and North Korea.

Trump said the United States had lost US$500 billion in trade with China for many years. But without access to USA microchips, software and other parts, its ability to manufacture smartphones and network gear is seriously crippled.

Sen. Marco Rubio, Florida Republican, said the Trump administration was being conned. But ZTE's fate remained unclear. The basic problem is what it's always been: Rather than firmly side with "globalists" like Steve Mnuchin and Larry Kudlow or nationalists like Peter Navarro and Robert Lightizer, Trump has staffed up with members of both camps, leading to infighting, muddled messages, and easy opportunities for the Chinese to play members of the team who are friendlier to trade off of those who aren't.

U.S. Treasury Secretary Steven Mnuchin told lawmakers that the treatment of ZTE was not "a quid pro quo or anything else" related to trade, and said it would not undermine national security.

In response to Mr Mnuchin's comments, Democratic Senator Chuck Schumer of NY, a frequent Mr Trump critic, said he thought it would be a mistake for Mr Trump to settle for "a promise to buy goods" with so many larger issues on the table.

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