Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Foreign Affairs
Related: About this forumU.S. may soon claim up to $1.7 billion penalty from China's ZTE - sources
Source: Reuters
BUSINESS NEWS JUNE 1, 2018 / 4:00 PM / UPDATED 2 HOURS AGO
Exclusive: U.S. may soon claim up to $1.7 billion penalty from China's ZTE - sources
Karen Freifeld
5 MIN READ
(Reuters) - The Trump administration may soon claim as much as $1.7 billion penalty from ZTE Corp (000063.SZ), as it looks to punish and tighten control over the Chinese telecommunications company before allowing it back into business, according to people familiar with the matter.
The Commerce Department is also seeking unfettered site visits to verify U.S. components are being used as claimed by ZTE, and wants it to post calculations of the U.S. components in its products on a website, the people said.
Chinas No.2 telecommunications equipment maker has been crippled by a ban imposed in April on buying U.S. technology components for seven years for breaking an agreement reached after it was caught illegally shipping goods to Iran and North Korea.
The negotiations with ZTE come as U.S. Commerce Secretary Wilbur Ross heads to Beijing this weekend for trade talks.
One source said Washington also wants ZTE to replace its board and executive team as soon as 30 days, but a deal still has not been finalized and the sources cautioned that the penalties were fluid and the terms could change.
-snip-
Exclusive: U.S. may soon claim up to $1.7 billion penalty from China's ZTE - sources
Karen Freifeld
5 MIN READ
(Reuters) - The Trump administration may soon claim as much as $1.7 billion penalty from ZTE Corp (000063.SZ), as it looks to punish and tighten control over the Chinese telecommunications company before allowing it back into business, according to people familiar with the matter.
The Commerce Department is also seeking unfettered site visits to verify U.S. components are being used as claimed by ZTE, and wants it to post calculations of the U.S. components in its products on a website, the people said.
Chinas No.2 telecommunications equipment maker has been crippled by a ban imposed in April on buying U.S. technology components for seven years for breaking an agreement reached after it was caught illegally shipping goods to Iran and North Korea.
The negotiations with ZTE come as U.S. Commerce Secretary Wilbur Ross heads to Beijing this weekend for trade talks.
One source said Washington also wants ZTE to replace its board and executive team as soon as 30 days, but a deal still has not been finalized and the sources cautioned that the penalties were fluid and the terms could change.
-snip-
Read more: https://www.reuters.com/article/us-usa-trade-china-zte-exclusive/exclusive-u-s-may-soon-claim-up-to-1-7-billion-penalty-from-chinas-zte-sources-idUSKCN1IX5T2
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
4 replies, 1054 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (0)
ReplyReply to this post
4 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
U.S. may soon claim up to $1.7 billion penalty from China's ZTE - sources (Original Post)
Eugene
Jun 2018
OP
500m dollar Chinese loan to Indonesian project Trump is invested in
muriel_volestrangler
Jun 2018
#3
Crutchez_CuiBono
(7,725 posts)1. whats in it for the trumps?
That's all i have to say re. this. God damn money grubbers.
RainCaster
(10,912 posts)2. So China is going to build the wall?
Yeah
muriel_volestrangler
(101,355 posts)3. 500m dollar Chinese loan to Indonesian project Trump is invested in
Trump helps sanctioned Chinese phone maker after China delivers a big loan to a Trump project
Then on April 15, the Commerce Department hit ZTE again, saying that despite the earlier fine and settlement, ZTE had continued to violate US sanctions law and lie to the US government. The new order simply barred American companies from selling anything to ZTE.
...
On May 9, ZTE announced that it was going to have to shut down its entire smartphone business since it had no viable way to continue operating without Qualcomm chips.
On May 11, a state-owned Chinese construction company called the Metallurgical Corporation of China announced it would float a $500 million loan to Indonesian developers to facilitate the construction of a vast integrated lifestyle resort called MNC Lido City that includes Trump-branded hotels, residences, and a golf course.
On May 13, Trump tweeted: President Xi of China, and I, are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast. Too many jobs in China lost. Commerce Department has been instructed to get it done!
https://www.vox.com/policy-and-politics/2018/5/15/17355202/trump-zte-indonesia-lido-city
Then on April 15, the Commerce Department hit ZTE again, saying that despite the earlier fine and settlement, ZTE had continued to violate US sanctions law and lie to the US government. The new order simply barred American companies from selling anything to ZTE.
...
On May 9, ZTE announced that it was going to have to shut down its entire smartphone business since it had no viable way to continue operating without Qualcomm chips.
On May 11, a state-owned Chinese construction company called the Metallurgical Corporation of China announced it would float a $500 million loan to Indonesian developers to facilitate the construction of a vast integrated lifestyle resort called MNC Lido City that includes Trump-branded hotels, residences, and a golf course.
On May 13, Trump tweeted: President Xi of China, and I, are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast. Too many jobs in China lost. Commerce Department has been instructed to get it done!
https://www.vox.com/policy-and-politics/2018/5/15/17355202/trump-zte-indonesia-lido-city
Crutchez_CuiBono
(7,725 posts)4. Can't be all of it...
He.."has this thing...and it's fucking golden..." and he's "not letting it go for nothing." (Blagovich...setting the precedent.)