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Trump says there's no deal for China's ZTE

Trump says there's no deal for China's ZTE

A White House spokesperson did not immediately respond to a request for comment. Nor will China's ballyhooed reduction in auto tariffs from 25 percent to 15 percent do much to change foreign firms' overwhelming incentives to build cars in China as opposed to export them there from the United States.

On Monday, Trump said new trade between China and the US will especially benefit USA farmers.

Mnuchin defended the Trump's trade policy, saying he has been "more aggressive than any previous president ever", and is not looking for "short-term gains" but to "create a level playing field and make sure USA technology is protected". While the levy reduction could be claimed in some quarters as a concession to Trump and will be a boon to US carmakers such as Tesla (tsla), the move will also end up benefiting European and Asian manufacturers from Daimler (ddaif) to Toyota Motor (tm).

The president is coming under fire from both Republican and Democratic lawmakers for considering softer sanctions on ZTE Corp, which have crippled the Chinese telecommunications company. But this is too important to be over.

The Ministry of Finance in China will decrease auto import tariff rates by 10 percent on July 1, 2018 in order to make the world's largest new vehicle market more attractive to foreign carmakers and boost automotive development. Tariffs on imported auto parts will fall to six percent.

The Commerce Department blacklisted ZTE, the second-largest manufacturer of cellphones in China, from doing business with the USA because the firm failed to comply with a settlement reached after it violated sanctions against North Korea and Iran.

While some US officials said the penalties against ZTE - the fine and the ban on sale of USA components until 2025 - were a law enforcement action, Trump linked the issue to ongoing trade and tariff disputes with China.

While this deal would lift the Department of Commerce's Denial Order against the company, ZTE wouldn't be walking off scot-free.

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Comey later testified to Congress that internal reviews found no information to support the president's tweets. Sunday was not the first time that Trump accused his predecessor of politically motivated activity against him.

The department ordered the seven-year ban after the company admitted to lying to it about punishing employees who broke sanctions against Iran and North Korea. For example, USA officials have levied hefty restrictions against the United States operations of major Chinese phone manufacturers ZTE and Huawei.

During an initial round of talks this month in Beijing, Washington demanded China reduce its trade surplus by $US200 billion ($266 billion).

ZTE has been a key factor in negotiations, as the ban exposed China's heavy reliance on crucial tech imports from the US.

Trump said on Tuesday that ZTE may instead face a fine of up to US$1.3 billion, new management and a new board of directors.

Trump appeared to suggest that Mnuchin had gotten ahead of the administration's position, rebuking coverage of the latest US-China trade developments as "incorrectly written", even though he said reporters were not to blame.

Ross plans to visit Beijing in early June to hammer out the details of the trade deal with China and how it would increase its purchases of American goods - particularly of energy and farming products - his office said on Tuesday.

There was a touch of Trump's prime time show, The Apprentice, in the flourish with which he declared that he would extend a lifesaver to the Chinese telecom giant ZTE which was on a death watch after the impositions of USA sanctions by his own administration.

This is unedited, unformatted feed from the Press Trust of India wire.


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