U.S. President Donald Trump said on Sunday that he and Chinese President Xi Jinping are working to give Chinese telecom company ZTE Corp “a way to get back into business, fast.”
“President Xi of China, and I, are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast. Too many jobs in China lost. Commerce Department has been instructed to get it done!” Trump wrote on Twitter.
The Chinese technology company earlier this month suspended its main operations after the U.S. Commerce Department banned American supplies to its business.
As one of the world’s largest telecom equipment makers, ZTE relied on U.S. companies such as Qualcomm Inc and Intel Corp for components.
ZTE is banned from selling devices in the US because they violated our own sanctions and sold equipment to Iran. Remember, just this week Trump thought sanctions on Iran are so important he left the Iran deal to impose new sanctions on the country.
Do you realize how insane this is?
The company reached a settlement in March 2017 with the Commerce Department and Treasury Department for $1.19 billion and the promise to terminate several employees and punish others.
ZTE disclosed earlier this year that while it had gotten rid of several employees, the company hadn’t properly reduced the bonuses of some workers, or issued letters of reprimand. The inaction wasn’t consistent with a progress report ZTE issued in July. It’s because of those false statements that the Commerce Department decided to act.