The ZTE saga just keeps going... and going... and going. After the United States Department of Commerce banned ZTE from importing US-made components, due to the company violating an agreement it made in 2017, ZTE shut down most operations while it fought to lift the ban. Earlier this month, President Trump announced he wanted to help ZTE, as part of negotiating a trade deal with China.
Read MorePresident Trump says ZTE must change management and pay $1.3 billion for sanctions to be dropped
House committee doubles down on ZTE sanctions despite Trump support
ZTE was recently banned from acquiring components from US-based companies for seven years after the telecommunications firm violated the terms of a sanctions case. In a surprise move, President Trump announced his support for ZTE last week, tweeting that the sanctions resulted in "(t)oo many jobs in China lost." Despite this, a House committee has voted unanimously to reinforce those sanctions.
Read MorePresident Trump working with China to reverse ZTE trade ban
ZTE was accused of dodging United States sanctions on Iran in 2016, by selling technology from the U.S. to Iran through multiple shell companies. The U.S. Department of Commerce threatened to cut off ZTE from all its supply chain partners in the United States, which ZTE avoided by paying nearly a billion dollars in fines.
Read MorePresident Trump looking to impose tariffs on Chinese imports, including tech products
President Trump has been discussing trade tariffs frequently over the past few weeks, and passing tariffs on steel and aluminum last week. According to Reuters, he is now looking into imposing tariffs on up to $60 billion of Chinese imports, specifically targeting consumer electronics, telecoms, and IT equipment.
Read MorePresident Trump signs executive order blocking Broadcom's acquisition of Qualcomm
Broadcom attempted to purchase Qualcomm back in November, in what would be the single largest takeover of a chipmaker ever. The initial offer was declined by Qualcomm's board of directors, as was every subsequent counter offer. In response, Broadcom attempted to replace some of Qualcomm's board, allowing the purchase to be finalized. After months of turmoil, the White House has officially blocked the acquisition with a new executive order.
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