Chuck Schumer Rips Trump Amid Reported ZTE Deal

The Trump administration is putting the finishing touches on a deal with ZTE. Bloomberg’s Jodi Schneider reports

When those sanctions last month forced ZTE to halt its assembly lines, US President Donald Trump appeared to get all fired up over the issue, promising that he would sort it out to protect manufacturing jobs in China, er, no wait, America.

The United States and China have reached a deal that allows the Chinese telecommunications giant ZTE to stay in business in exchange for paying an additional $1bn in fines and agreeing to let USA regulators monitor its operations.

In April, the commerce department barred ZTE from importing American components for seven years, having concluded that it deceived United States regulators after it settled charges last year of sanctions violations.

Chinese telecoms company ZTE will likely continue to exist, thanks to a deal brokered between it and the USA government today.

There was anger, too, on the Republican side among those members who aren't particular fans of the current occupant of the White House, such as this missive from Senator Marco Rubio (R-FL), or Little Marco as President Trump likes to call him.

"At about 6:00 A.M. this morning, we executed a definitive agreement with ZTE and that brings, that brings to a conclusion this phase of the developing with them", Ross said in an interview with CNBC.

As part of the deal, ZTE has also reportedly promised to replace its board and executive team in 30 days.

Ross said the penalty is the largest the Commerce Department has ever levied.

"There is absolutely no good reason that ZTE should get a second chance and this decision marks a 180-degree turn away from the president's promise to be tough on China", Chuck Schumer, the Senate's top Democrat, said in a statement. The company was allowed continued access to the United States market under the 2017 agreement.

The sanctions that the Trump administration had imposed on ZTE - and today's settlement - reflect those longer-term concerns and highlight not just the companies' dependence on the US for advanced technology but also the attraction of their less expensive mobile phones for American consumers.

Several U.S. chipmakers, including Qualcomm and Intel, count ZTE as a customer.

The U.S. has reached a deal to lift sanctions on Chinese telecommunications firm ZTE.

But it came shortly after Chinese officials offered to buy an additional $70 billion in USA goods to cut the trade deficit, moving toward meeting one of Trump's central demands on trade.

Acacia rose as much as 4.5% intraday, but ended the session down 1% to 33.53.

Shares of Acacia and Oclaro extended their gains on Tuesday in heavy trading after news of the preliminary deal, ending up 1.7 percent and 1.8 percent, respectively.

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