June 21, 2018

United States and China still "very far apart" on trade, says USA ambassador

15 May 2018, 08:01 | Glen Norman

Donald Trump criticises China for being 'spoiled' on trade, Wall Street turns negative

President Donald Trump speaks during the 37th annual National Peace Officers Memorial Service on Capitol Hill Tuesday

Wall Street ended a choppy session slightly higher on Monday as weakness in defensive stocks offset optimism following U.S. President Donald Trump's conciliatory remarks toward China's ZTE Corp that calmed the waters of U.S. The Trump administration said ZTE had broken its agreement to punish employees who violated U.S. sanctions against North Korea and Iran.

But a few hours later, Trump suggested on Twitter that ZTE is indeed about trade.

At issue is the Commerce Department's move last month to block the ZTE Corp., a major supplier of telecoms networks and smartphones based in southern China, from importing American components for seven years. The U.S. accused ZTE of misleading American regulators after it settled charges of violating sanctions against North Korea and Iran.

An agreement could not be reached on the demands by the United States, and talks are to resume in Washington. "It has economic factors, it has national security factors, this is just one of many factors", Shah told reporters at a briefing. The actions may be linked, and may bear on agricultural trade as well, although Commerce Secretary Wilbur Ross on May 14, 2018 insisted that the sanctions against ZTE had "nothing to do with trade".

The Trump administration may give ZTE a way out.

But in a surprise tweet Sunday, the president held out the possibility of a reversal for the company.

Branstad, who was present at the meeting, said the Chinese appeared to be "taken back" by the significance of the list.

The dispute predates Trump's arrival in the Oval Office, but the Commerce Department sanction was issued amid worsening trade tensions between the USA and China.

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"Our position has been that's an enforcement action, separate from trade", Ross said, referring to ZTE.

The United States also needs China's support as it prepares for talks with North Korea that are meant to persuade the Pyongyang regime to abandon nuclear weapons.

Shortly thereafter, the Chinese government reportedly restarted its review of the application of Qualcomm-a USA telecom company-to acquire the Chinese company NXP.

Sen. Marco Rubio, R-Fla., tweeted Monday that the USA would be "crazy" to allow ZTE to operate in the U.S.

Rep. Tim Ryan, D-Ohio, noted that Trump's tweets had highlighted layoffs in China even as autoworkers were losing their jobs in his home state.

"It's part of, again, the United States relationship with China, which is complex".

ZTE, which has more than 70,000 employees and has supplied networks or equipment to some of the world's biggest telecoms companies, said in early May that it had halted its main operations as a result of the department's "denial order".

Trump vowed on Sunday to help China-based communications firm ZTE (000063.SZ) "get back into business, fast" almost a month after the Commerce Department implemented a ban on USA companies selling to the company. President Trump made a campaign promise to battle the U.S.'s trade imbalance with China and he has certainly been ratcheting up the pressure on America's biggest trading partner in recent months. "Commerce Department has been instructed to get it done!"

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Global shares were mixed Tuesday amid continuing uncertainty over trade tensions between China and the U.S. Investors were watching for U.S. retail sales data, due later in the day, for further clues on the health of the world's biggest economy. USA companies that export to China have had goods held up in China's ports.

"ZTE, the large Chinese phone company, buys a big percentage of individual parts from USA companies", he said.

According to data from the IDC marketing-insight firm, ZTE sources more than 40 percent of its components from the US, creating a multibillion-dollar revenue stream for suppliers like Qualcomm and Intel.

"Trump on Sunday pledged to help ZTE "get back into business, fast" almost a month after the United States banned American companies from selling to the firm for violating an agreement". By cutting off access to USA suppliers of essential components such as microchips, the ban threatens ZTE's existence, the company has said.

The Trump administration has drawn a hard line in trade talks with China, demanding a $200 billion cut in the Chinese trade surplus with the United States, sharply lower tariffs and advanced technology subsidies.

Foreign Ministry. "We are now in close communication over details of the implementation".

The financial news headlines have been dominated by articles related to China in recent months.

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