Trump support brings ZTE a step closer to resuming normal operations

Donald Trump in Miami Florida campaigning ahead of the US presidential election

Donald Trump in Miami Florida campaigning ahead of the US presidential election

Ikenson said the administration's focus on the $200 billion was "silly", adding that if the USA accepts China's offer to import more goods, Trump can "claim mission accomplished and turn the page".

The surprising overture to China marked a dramatic departure from Mr. Trump's rhetoric during the campaign, when he said he would no longer allow China to "rape our country" and steal "He has my support", Kudlow said, adding that no agreement had been reached yet.

He said other countries, like South Korea, had agreed to export quotas that would have the same effect as tariffs but so far European officials "haven't agreed to anything".

China is likely to offer increasing its purchase of aircraft, autos, natural gas and some agricultural commodities, Dan Ikenson, director of the Cato Institute's Herbert A. Stiefel Center for Trade Policy Studies, told FOX Business.

Thanks to Trump's surprising weekend tweet, and continued USA support, theSouth China Morning Post reported that the company could resume normal operations within "two-to-three weeks".

"We don't know what the outcome is going to be - I can't possibly say here", Kudlow said.

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At the White House, spokesman Raj Shah said Mr. Trump's request for Ross to reexamine the issue was part of a "give and take" with the Chinese. It would reduce USA gross domestic product by almost 3 billion dollars and destroy 134,000 American jobs annually, according to a new study recently released by the federation and the Consumer Technology Association.

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"I've never seen a president step in and reverse an agency decision like this. The question is, are there alternative remedies to the one that we had originally put forward", Ross said following a speech.

The widening trade dispute between the world's two biggest economies has taken a toll on both sides. There, they heard an outcry about USA regulators putting ZTE out of business.

The Wall Street Journal reported Monday that the two countries were in talks about such a potential swap: The U.S. would spare ZTE, and Beijing would drop plans to impose tariffs on U.S. farm products.

The seven-year ban was tantamount to a death sentence for ZTE. The Commerce sanctions didn't just imperil ZTE; they also hurt the American companies that sell components to the Chinese company. By cutting off access to US suppliers of essential components such as microchips, the ban threatens ZTE's existence, the company has said.

The Office of the U.S. Trade Representative (USTR) said on Monday that it will hold public hearings on the Trump administration's proposed tariffs on approximately 50 billion U.S. dollars worth of imported Chinese goods from Tuesday to Thursday.

The foreign ministry said Vice Premier Liu He will visit the U.S. from Tuesday to Saturday for consultations with U.S. Treasury Secretary Steve Mnuchin. "We are now in close communication over details of the implementation", Lu told reporters at a daily news briefing.

But Ross said he had spoken to his European Union counterpart eight or 10 times since the metals tariffs were first announced in March.

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