In a remarkable development, President Trump has thrown an olive branch to controversial Chinese telecom firm ZTE .
The company, which sells telcom network equipment and consumer devices including smartphones, said on Wednesday that it would cease its main business operations after the U.S. Department of Commerce announced a seven-year export restriction for the company, resulting in a ban on U.S. component makers selling to ZTE.
The company has been banned from selling equipment in the U.S., but shutting out supply chain partners like Intel, Qualcomm and Google is potentially catastrophic. (The fact ZTE postponed its earnings tells you all you need to know.)
Reports suggested that the Chinese government was working on ZTE’s behalf to find a compromise, and it looks like Chinese Premier Xi Jinping himself got in touch with the U.S. President, who said today in a tweet that is he “working[…]to give[…]ZTE a way back into business, fast.”
Somewhat bizarrely, Trump cited a loss of jobs in China as a motivating factor.
Read more: https://techcrunch.com/2018/05/13/trump-zte/