U.S. Eyes ‘Alternative Remedies’ for China’s ZTE
The U.S. Commerce Department is exploring "alternative remedies" to punish Chinese telecommunication company ZTE Corp. for flouting U.S. sanctions on trade with Iran after President Donald Trump intervened, Commerce Secretary Wilbur Ross said Monday.
But imposing a penalty for the sanctions infraction is a separate issue from the high-level talks taking place this week in Washington about the roiling trade dispute between the U.S. and China, Ross said.
"The gap remains wide," Ross told journalists during an address at the National Press Club in Washington.
Trump shocked Washington this weekend by pledging in a tweet to help ZTE, China's second-largest telecommunication company, because he said too many jobs in China would be lost.
The company had shut down its main operations after the Commerce Department banned U.S. companies from selling components to ZTE for seven years after it illegally shipped goods made with U.S. parts to Iran and North Korea.
"ZTE did do some inappropriate things. ... The question is, Are there alternative remedies to the ones we had originally put forward? And that's the area we will be exploring very, very promptly," Ross said.
Ross said he expected the issue to be raised this week when top Trump administration officials meet with Chinese Vice Premier Liu in Washington to discuss trade.
"Our position has been that that's an enforcement action separate from trade," Ross said.
The Wall Street Journal reported that Beijing would back away from threats to slap tariffs on U.S. farm goods in exchange for easing the ban on selling components to ZTE, citing people in both countries briefed on the emerging deal.
Two sources, who declined to be identified given the sensitivity of the matter, told Reuters Sunday that China was willing in principle to import more U.S. agriculture products in return for Washington smoothing out penalties against ZTE, but they did not offer details.
To read more about ZTE’s sanctions, click here.
Dec 07 06:55
Dec 07 06:36
Dec 07 05:00
Dec 06 18:18
Dec 06 16:36
Dec 06 16:04
Dec 06 13:34
Dec 06 11:26
Dec 06 11:36
Dec 06 06:25
Dec 06 03:01
Dec 06 03:14
Dec 05 18:03
Dec 05 17:03
Dec 05 15:39
- 1Two China Firms Miss $526 Million Bond Payments as Woes Grow
- 2Exclusive: Founder Warns of ‘Extremely Tight’ Liquidity After Bond Default
- 3Overseas Deposits Pour Into Singapore’s Banks
- 4Citigroup Edges Closer to Exiting Its Chinese Securities Venture
- 5In Depth: Is China’s Once-Booming P2P Sector Facing a Dead End?
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas