Earlier this month, the USA presented China with a list of demands that tackle allegations of intellectual property theft and other trade policies Washington considers unfair, which had sparked the initial "trade war" concerns as the two countries were imposing tens of billions of dollars in tariffs on each other.
In a story May 13 about President Donald Trump's promise to help Chinese telecommunications company ZTE, The Associated Press reported erroneously that Amanda DeBusk is the chair of the global trade department at the law firm Hughes Hubbard & Reed.
But he offered an olive branch in calling on US officials to revisit penalties for Chinese company ZTE Corp. for flouting USA sanctions on trade with Iran and North Korea.
"President Xi of China, and I, are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast".
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The United States is seeking to make a trade deal with China, White House economic adviser Larry Kudlow said on Tuesday as bilateral talks between the world's two economic powerhouses resume in Washington this week. The U.S. accused ZTE of misleading American regulators after it settled charges of violating sanctions against North Korea and Iran. Too many jobs in China lost. A high-powered USA delegation met for a second day of talks with Chinese officials on defusing tensions that are propelling the world's largest two economies toward a trade war.
The Office of the U.S. Trade Representative (USTR) said on Monday that it will hold public hearings on the Trump administration's proposed tariffs on approximately 50 billion U.S. dollars worth of imported Chinese goods from Tuesday to Thursday.
Kudlow told Politico that the United States was not looking for a trade war with China and that it was not clear what action the United States would take toward ZTE.
Despite now ceasing main business operations, China's second biggest telecom equipment maker is still trying to have the ban modified or reversed. The block on ZTE was a heavy blow for the company but also hurt the US companies it buys from. In retaliation, Beijing is threatening tariffs on $50 billion in US products.
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ZTE is known to rely on importing chips from USA firms such as Qualcomm and Intel for up to a third of its components.
The move was announced in a tweet by Trump on Sunday and comes amid pressure from China's government to back off the sanctions on ZTE, a major Chinese government-linked telecommunications giant.
The U.S. flag is seen in the wine section of a supermarket in Beijing, China, April 5, 2018.
"The Company and related parties are actively communicating with the relevant USA government departments in order to facilitate the modification or reversal of the Denial Order by the USA government and forge a positive outcome in the development of the matters", said ZTE.
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The U.S. imposed the penalty on Shenzhen-based ZTE after discovering that the company, which had paid a $1.2 billion fine in the case, had failed to discipline employees involved and paid them bonuses instead.