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Netizen 24 AUS: President Trump says he's working with China to save ZTE

Posted by On 9:34 AM

President Trump says he's working with China to save ZTE

zte office shanghai 2

President Donald Trump said in a tweet Sunday that he's working to give ZTE "a way to get back into business, fast."

ZTE, a smartphone and telecom equipment maker that does business around the world, announced last week that it has halted its main operations after the Trump administration banned American companies from selling it vital components.

Now, Trump says he's working with President Xi Jinping of China to get the company back on its feet.

"Too many jobs in China lost. Commerce Department has been instructed to get it done!" Trump wrote in a tweet Sunday.

Related: ZTE is now center stage in the US-China trade fight

ZTE employs about 75,000 people. It's also the fo urth largest provider of smartphones in the United States.

Last month, the Trump administration blocked American firms from selling parts or providing services to ZTE until 2025. The ban was put in place after Washington accused ZTE of violating US sanctions on North Korea and Iran and then lying to US officials about whether the employees responsible were punished.

ZTE said it did take adequate corrective action. And the crackdown has been interpreted as part of a broader push by the United States to stifle China's tech ambition.

The company's current struggles have made it the most visible consequence thus far of a brewing trade war between the United States and China.

รข€" CNN's Sherisse Pham and Julia Horowitz contributed to this report.

CNNMoney (New York) First published May 13, 2018: 11:37 AM ETSource: Google News

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