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Trump considers $1.3 billion fine to ZTE in lieu of export ban

May 23, 2018

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Chinese company estimates losses of $3.1 million due to the ban imposed by the U.S Department of Commerce

President Donald Trump said he was considering a new set of penalties for Chinese vendor ZTE to replace a seven-year export ban imposed last month that is threatening the survival of the company.

Trump said he was reviewing the issue as a favor to the Chinese administration. “As a favor to the president [Xi Jingping], I am absolutely taking a look at it,” he said.

ZTE could face a new fine of as much as US$1.3 billion as well as a management shakeup and strict new rules, Trump told reporters at the White House on Tuesday. However, he said that a deal with the Chinese authorities regarding ZTE has not been finalized.

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