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.