BUSINESS/CHINA/CONGRESS/TRUMP AS PRESIDENT: “U.S. President Donald Trump on Tuesday [5-22-18] floated a plan to fine ZTE Corp (000063.SZ) (0763.HK) and shake up its management as his administration considered rolling back more severe penalties that have crippled the Chinese telecommunications company. Trump’s proposal ran into immediate resistance in Congress, where Republicans and Democrats accused the president of bending to pressure from Beijing to ease up on a company that has admitted to violating sanctions on Iran. Their reaction could complicate Trump’s efforts to win concessions from China that would narrow a $335 billion annual trade gap. Speaking at the White House, Trump said U.S. technology companies have been hurt by an April Commerce Department decision that prohibits them from selling components to China’s second-largest telecommunications equipment maker. ZTE shut down most of its production after the ruling was announced.”
-Jeff Mason, Patricia Zengerle, “Trump floats management changes instead of sanctions for China’s ZTE,” Reuters, May 22, 2018 8:59 am