Trump Says He's Helping A Chinese Company His Own Government Rebuked

ZTE Downplays Deathbed Reports Following Crippling US Ban

Trump earlier in the day said he's working with Chinese President Xi Jingping to get Chinese company ZTE "a way to get back into business, fast".

The whole thing led many to speculate about whether or not Trump had another reason for his sudden about-face on ZTE.

ZTE, one of the world's largest telecom equipment makers, suspended its main operations after the US Commerce Department banned American supplies to its business for seven years.

In a remarkable development, President Trump has thrown an olive branch to controversial Chinese telecom firm ZTE less than a week after it ceased its main business following restrictions from the US government.

ZTE paid over $100 million each to Qualcomm Inc, Broadcom Inc, Intel Corp and Texas Instruments, the official said.

Meanwhile, ZTE, which relies on US firms for key smartphone components, including microchips from Qualcomm and glass from Corning, has said the USA export ban is a massive disruption to its business and ZTE Chairman Yin Yimin called it unfair and unacceptable. In a statement Wednesday, ZTE said "the major operating activities of the company have ceased".

In April, the Commerce Department penalized ZTE for violating a settlement with the US government over illegal shipments to Iran and North Korea.

The company recently said that it would cease "major operating activities" because of the USA government's recent trade restrictions.

U.S. officials imposed the seven-year ban last month after ZTE allegedly made false statements regarding its settlement of a case involving the illegal sale of goods to Iran and North Korea.

American companies are estimated to provide 25 percent to 30 percent of the components used in ZTE's equipment, which includes smartphones and gear to build telecommunications networks. By cutting off access to USA suppliers of essential components such as microchips, the ban threatens ZTE's existence, the company has said.

Beijing has been closely following the developments around ZTE, a company with 80,000 employees and which is headquartered in southern China.

The Commerce Department did not immediately respond to a request for comment on Sunday.

The ban also makes ZTE unable to renew its Android licensing agreement with Google, effectively killing its handset ambitions in every segment of the market.

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