Trump pledged to help ZTE Corp get back into business

Vastavam web: U.S. President Donald Trump pledged on Sunday to help ZTE Corp “get back into business, fast” after a U.S. ban crippled the Chinese technology company, offering a job-saving concession to Beijing ahead of high-stakes trade talks this week.“Too many jobs in China lost. Commerce Department has been instructed to get it done!” Trump wrote on Twitter in the first of two tweets about U.S. trade relations with China. It said he and Chinese President Xi Jinping were working together on a solution for ZTE.

ZTE suspended its main operations after the U.S. Commerce Department banned American companies from selling to the firm for seven years as punishment for ZTE breaking an agreement reached after it was caught illegally shipping U.S. goods to Iran.White House spokeswoman Lindsay Walters confirmed that U.S. officials were in contact with Beijing about ZTE. She said Trump’s tweet underscored the importance of “free, fair, balanced and mutually beneficial” relations between the United States and China on issues involving the economy, trade and investment.

Trump’s proposed reversal will likely ease relations between the world’s two biggest economies. Washington and Beijing have proposed tens of billions of dollars in tariffs in recent weeks, fanning worries of a full-blown trade war that could hurt global supply chains and dent business investment plans.In trade talks in Beijing this month, China asked the United States to ease crushing sanctions on ZTE, one of the world’s largest telecommunications equipment makers, according to people with knowledge of the matter.In a second tweet on Sunday, Trump said past U.S. trade talks with China posed a hurdle that he predicted the two countries would overcome.