Cargill has 'significant concerns' over US-China trade strategy

Donald Trump in Miami Florida campaigning ahead of the US presidential election

Senate Democrats are urging President Donald Trump to reconsider his plans for helping Chinese telecommunications company ZTE get back into business.

The case goes back to before Mr Trump took office.

USA companies are estimated to provide 25 percent to 30 percent of components used in ZTE's equipment, which includes smartphones and gear to build telecommunications networks.

Last month, Commerce accused ZTE of violating the agreement and blocked ZTE from importing American components for seven years.

China is likely to offer increasing its purchase of aircraft, autos, natural gas and some agricultural commodities, Dan Ikenson, director of the Cato Institute's Herbert A. Stiefel Center for Trade Policy Studies, told FOX Business. ZTE has asked the department to suspend the seven-year ban on doing business with USA exporters.

THE QUOTE: "There's a number of data releases that will grab traders' attention today and could determine whether we see an early rebound in stock markets".

The second-largest smartphone maker in China was accused past year of having sold US-made technology to countries including Iran and North Korea. Without Qualcomm chips and Google's Android operating system, which would be unavailable to ZTE under the terms of the ban, the company can't continue its operations.

Intelligence officials have said China uses both ZTE and Huawei equipment for cyber spying operations. "As of now, the Company maintains sufficient cash and strictly adheres to its commercial obligations subject to compliance with laws and regulations".

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"I don't expect all core differences in the US-China trade relationship to be resolved", said UBS chief China economist Wang Tao.

ZTE announced May 9 that its operations had ground to a halt because it was unable to purchase the microchips it uses in its products from USA companies including the San Diego-based firm Qualcomm.

ZTE had also signed a deal with Taiwanese semiconductor company Mediatek, but this was not enough to avoid crippling ZTE's supply chain.

The quickest way to combat the trade imbalance is with tariffs, but the danger of US imposed tariffs is that China, among other countries, will react with their own tariffs, which will in turn spark an all-out trade war that threatens the health of the global economy. President Trump surprised observers on Sunday when he opened the door to a deal by pledging to reverse that ban, saying the sanctions destroyed too many Chinese jobs.

"Beyond appearing to risk American national security, the statement suggests that the administration is not serious about addressing the many economic challenges China presents". The EU wants to improve trade relations with the USA, but won't make concessions to solidify the exemption because it needs to consult with its 28 members, European Commission Vice-President Jyrki Katainen told a news conference, according to Reuters. The department said ZTE had misled regulators: Instead of disciplining all employees involved in the sanctions violations, Commerce said, ZTE paid some of them full bonuses and then lied about it.

"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", Mr Ross was quoted by the BBC as saying.

"Problem with ZTE isn't jobs & trade, it's national security & espionage", Florida senator Marco Rubio tweeted. The sanctions were imposed because the company which relies heavily on USA imports for its operations continued its unlawful selling of items to North Korea and Iran.

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