Trump Administration has Cut Deal with China's ZTE

- Donald J. Trump (@realDonaldTrump) May 25, 2018Yes they have a deal in mind. Add Donald Trump as an interest to stay up to date on the latest Donald Trump news, video, and analysis from ABC News.

The Commerce Department last month had blocked China's ZTE from importing American components for seven years, accusing it of misleading US regulators, after it had settled charges of violating sanctions against Iran and North Korea, Fox News reported. The Chinese company depends on these components to make its products, and the ban, imposed earlier this month, threatened to put ZTE out of business.

It's the latest twist in a saga of geopolitics and high technology that has its roots in ZTE's violations of US sanctions against Iran back in 2010.

Under the deal for ZTE to resume operations, it will also hire American compliance officers to monitor its operations according to the people, who spoke on condition of anonymity.

Kingsview Asset Management's Scott Martin on reports a deal was reached to save China's ZTE.

ZTE ran into trouble in 2016 for violating US laws restricting the sale of American technology to Iran.

Fox News said Trump told them on Thursday that he had negotiated the $1.3 billion fine with Chinese President Xi Jinping in a phone call. That bill was approved after the administration signaled it was reconsidering penalties against the company.

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ZTE is one of China's leading manufacturers of telecom equipment. If ZTE agrees to implement the administration's demands, the Commerce Department will lift the ban on purchasing U.S. products.

The plan is further inflaming tensions between the White House and Congress over trade policy in a week when Republicans blasted the administration for contemplating tariffs on auto imports.

"If the administration goes through with this reported deal, President Trump would be helping make China great again", Schumer said Friday on Twitter.

The comments from Schiff, the top Democrat on the House Intelligence Committee, came a day after Trump indicated that he had made a decision to allow ZTE to "reopen with high level security guarantees, change of management and board".

Trump sought to cast his decision to intervene on behalf of ZTE as a good faith move meant to gain leverage in unrelated trade negotiations with Beijing.

Commerce Secretary Wilbur Ross is scheduled to travel to Beijing on June 2 for further discussions over China's aggressive push to challenge USA technological dominance. Too many jobs in China lost. USA -traded shares of NXP Semiconductors NV rose 4.7 percent after the announcement, as signs of better U.S.

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