>> That's okay too, whatever it is.>> US president Donald Trump said Tuesday he is not happy with the China trade talks last week, and there is no deal yet on what to do with troubled tech firm ZTE. The commerce department slapped the company with a sales ban in April after ZTE plead guilty to shipping American made technology to Iran.
However Beijing has been pushing the US to roll back its punishment as part of negotiations to avert a trade war between the two countries. On Tuesday, Trump floated fines on ZTE instead and a shake up at the top.>> So what I envision is a very large fine of more than a billion dollars.
Could be a billion three. I envision a new management, a new board.>> A Bloomberg report on Wednesday said ZTE estimates $3 billion worth of losses from sanctions. The company buys an estimated 25 to 30% of its components from US firms, and the ban in April effectively crippled its operations.
But Trump said the current penalty has also hurt the US firms that do business with ZTE.>> They can pay a big price without necessarily damaging all of these American companies.>> Trump's proposal triggered immediate resistance in Congress. Lawmakers across party lines accuse the president of letting ZTE off the hook and bending to pressure from Beijing.
The reaction could complicate Trump's efforts to win concessions to narrow a trade debt with China of more than $300 billion.