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Trump Reconsidering ZTE Penalties as ‘Favor’ to Xi

  • President suggests company may be fined $1.3 billion
  • Mnuchin: U.S. won’t offer to loosen export controls for China
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Bloomberg’s Kathleen Hays reports on President Trump reconsidering penalties against ZTE as a favor to China’s Xi.(Source: Bloomberg)
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President Donald Trump said the U.S. is reconsidering penalties against Chinese telecommunications maker ZTE Corp. as a favor to the country’s president, Xi Jinping, prompting members of Congress to warn him against softening the punishment.

“The president asked me to look into that and I am doing it,” Trump told reporters at the White House on Tuesday. Asked about the company, he said there is no deal yet with China -- but it was not clear whether he was speaking specifically about ZTE or about broader trade disputes.