ZTE Ceases Operations Due To US Ban, Despite Trump Pledge

ZTE Ceases Operations Due To US Ban, Despite Trump Pledge

When a US delegation led by Treasury Secretary Steve Mnuchin met with officials in Beijing last week, no deal was reached largely because China refused a demand to cut the trade deficit by $200 billion within the next two years. "Everyone is looking for some kind of deal", he told Politico in an interview, adding that no agreement had been reached yet.

The companies are controlled by the Communist Party of China and could be used for operations to compromise USA communications infrastructures, the report said. "Free and open trade, I think that's the solution".

"Trade negotiations are continuing with China".

Liu's trip to Washington follows a visit by Mnuchin and other US officials to Beijing earlier this month, where they conveyed a demand that China slash its trade surplus with the U.S.by $200 billion by the end of 2020.

The spat started with United States measures against Chinese steel and aluminium imports, which led to Beijing imposing tariffs on 128 different U.S. products.

ZTE reached a settlement in March 2017 for violating US export laws and paid penalties totaling $1.19 billion.

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The ship's chief engineering commander, Hu Wenming, told the broadcaster the carrier was smaller than US carriers' Nimitz class. With the induction of INS Vikrant and "Type 001A", both India and China will have two operational aircraft carriers.

This week's meetings follow U.S. Trump appears willing to negotiate, and just over the weekend announced his intention to help Chinese electronics maker ZTE, which was on the brink of collapse after US imposed penalties on it last month for breaking sanctions against Iran and North Korea. Commerce Secretary Wilbur Ross said much the same on Monday. -China trade talks in Beijing earlier this month where the two countries failed to reach an agreement on the long list of US demands. In March, the Trump administration slapped tariffs on imported steel and aluminum.

Branstad, speaking at a conference in Tokyo, said the Chinese appeared "taken back" by the significance of the list.

Trump is seeking to cut the chronic USA trade deficit by $100 billion and gain concessions over the policies that foreign companies say force them to share technology in order to gain market access. U.S. ambassador Terry Branstad was present at the meetings and said that China has not met pledges to open up its insurance and financial services area and it hasn't reduced auto tariffs.

ZTE had warned last month that the ban on U.S. firms supplying it with components threatened its very survival.

More than 120 industry and business representatives from the United States and China will have an opportunity to testify before the interagency Section 301 Committee on the potential impact of the tariff plan over the next three days, according to the USTR's Office.

One area the world's two most powerful economies likely won't be able to address during discussions this week is China's practice of what is known as technology mercantilism, in which it distorts policies and systems in order to expand domestic technology production.

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