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Trump to Help ZTE Get into Business; China Thankful for Reconsideration

CapitalWatch Staff 2018-11-19 14:52 PM
Trump to Help ZTE Get into Business; China Thankful for Reconsideration

China&`#`39;s Foreign Ministry expressed appreciation for Washington&`#`39;s change of position on ZTE Corp. after President Donald Trump pledged on Sunday to help the company to "get back into business, fast."

Foreign Ministry spokesman Lu Kang said China is in close communications with the United States on ZTE, which suspended its main operations after the U.S. Commerce Department banned American firms from supplying technology to the Chinese telecom equipment maker for seven years.

Trump's unexpected announcement was a stunning reversal, given Washington's tough stance on Chinese trade practices that have put the world's two largest economies on course for a possible trade war.