Trump Comes to the Rescue of Chinese Telecom Giant ZTE

In a surprising act, President Trump has come to the rescue of chinese telecom giant ZTE. In a recent tweet he said that the President's office has instructed the Department of Commerce to find a solution to an export ban being imposed on ZTE, which forced the company to cease its operations.

ZTE is one of the largest smartphone makers in China, where the company employs 75,000 people, according to The New York Times. Unlike many other Chinese smartphone makers, ZTE's Android phones are also popular in the U.S, thanks to low-cost phones and savvy marketing ploys (the company's sponsored five NBA teams, including the Golden State Warriors).

The U.S. Department of Commerce has recently banned American companies from selling components to Chinese telecom equipment maker ZTE Corp for seven years. The ban was imposed after ZTE failed to comply with an agreement with the U.S. government after it pleaded guilty last year in federal court in Texas to conspiring to violate U.S. sanctions by illegally shipping U.S. goods and technology to Iran.

On April 17, the Chinese company was forced to halt trading of its shares in Hong Kong and Shenzhen following the decision by the U.S authorities. However, this tweet shows that the export ban might be lifted. We will need to wait and watch to see how this unfolds.