China's ZTE paid over $2.3bln to US exporters last year

US Bans American Companies From Selling to China's ZTE

In a tweet sent from a golf course in Virginia, the president says that he is working with Chinese president Xi Jinping on "a way to get (ZTE) back into business, fast".

As a presidential candidate, Donald Trump said in 2015: "China, taking our jobs, taking our money". ZTE added that the company continues to communicate with the US government with the goal of modifying or reversing the order.

Trump announced on Twitter he is working with the Chinese government and ordered the U.S. Department of Commerce to find a way to help the company continue to operate after a U.S. trade ban imposed last month that's cut into its revenue. In this case, ZTE's infringements are so major - trade violations and national security concerns - that it is hard to envisage the company getting a pass, even with support from the White House.

Trump's reversal could have a significant impact on shares of American optical components makers such as Acacia Communications and Oclaro which saw their stock prices fall when USA companies were banned from exporting goods to ZTE.

"Major operating activities of the company have ceased" as a result of the United States decision, it said in a filing Wednesday.

President Donald Trump's crackdown on trade claimed a massive victim this week, with Chinese tech giant ZTE shutting down most of its operations in recent days.

The US accused ZTE of misleading American regulators after it settled charges of violating sanctions against North Korea and Iran.

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ZTE said in an announcement Wednesday that "the major operating activities of the Company have ceased". As a result, the Trump administration barred USA firms for seven years from exporting parts to ZTE, the fourth-largest smartphone manufacturer in China, including critical microchips.

ZTE's fiber-optic networks depend on U.S. components and its cheap smartphones sold en masse overseas are powered by United States chips and the Android operating system.

Qualcomm last month said it expected lost sales to ZTE to lower its earnings by 3 cents per share in the current quarter.

Ordering a denial may have been the Commerce Department's idea of playing hardball to force compliance.

Against that background, the Trump administration has barred military and government employees from using smartphones from ZTE and fellow Chinese maker Huawei.

The official said the recent ban was a grossly disproportionate penalty that ignored the strides ZTE had made towards complying with U.S. laws.

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