Trump Orders to Help ZTE after China Approves Funding for His Project!
Trump’s Indonesian resort project receives an astounding $500 million funding after the Chinese approved his business loan. As an act of gratitude, Trump tweeted stating he’s ordering the government to help ZTE.
A Win-win Situation
Just three days after the Chinese government announced they planned to invest in Trump’s Indonesian project and was also giving out half a billion dollars, Trump announced he and President Xi Jinping are working together to help the largest Chinese phone company, ZTE, get back in business fast.
Due to the company’s fallback, thousands of Chinese people lost their jobs. He’s now ordering the Commerce Department to get the job done. The said resort outside Jakarta not only received $500 million from Chinese government loans, but Trump’s company also sealed another $500 million funding from Chinese banks.
Conflict of Interests
Meanwhile, the public slammed Trump for not being consistent with his campaign promises. The President said that he will turn over his business to his sons and will have no involvement with it once he won the Presidency.
However, it turned out he’s still invested heavily in his businesses and continues to receive huge profit out of it. He also stated how the deal violated the emoluments clause of the Constitution. The said clause prohibits the U.S. President from receiving payments, profit, or any form of monetary value from foreign governments for his own personal or business interest.
As of this writing, the White House declined to comment on the issue and established the connection between Trump’s directive on ZTE and the “MNC Lido City.” The Deputy Press Secretary Raj Shah said he didn’t speak about the said issue during a briefing last Monday. Trump’s family business acknowledged its involvement with the resort last Monday. However, they refused to disclose how much the company will spend on licensing and management fees.
ZTE phones have been banned from military use due to the security risks it imposed to the U.S. intelligence and military community. They claimed the device could track the location of their service members, which could endanger the soldier’s lives if the enemy managed to track their bases and locations.
Aside from that, the company was already fined with an astounding $1.2 billion last year when it violated the U.S. sanctions against Iran and North Korea. The ZTE officials had lied about their actions, which prompted the U.S. government to ban the company from purchasing components and spare parts to assemble said phones for seven years. And since the company imported most of its components from the country, the ban essentially forced the company to shut its operations down.
While the public lamented the President for intervening the law to satisfy a foreign firm and government, Shah, on the other hand, downplayed Trump’s directives. He said that the Commerce Secretary Wilbur Ross will assess the situation to make sure applicable laws and regulations will be followed and implemented following the order. He also dismissed the idea that Trump’s latest tweet threatens the corporate law enforcement’s integrity. If anything, he emphasized that “gives and takes” should take place between two nations establishing a bilateral relationship and diplomacy.
For the past few months, Trump has been trying to seal a trade agreement with China. Aside from that, he’s been seeking Xi’s help to become a third party negotiator in cracking down North Korea due to their nuclear programs. Robert Weissman, President of Public Citizen group which promotes for an open and transparent government, said that the ZTE and Indonesian Resort deal is an example of Trump’s unwillingness to abide by the emolument clause. He’s appalled how the Chinese government seems to find a way to manipulate the US President.
More in Finance & Business
Is 61 Years Old The Ideal Age to Retire for Americans?
When asked when the best time to retire is, most Americans think the ideal age to stop working and retire is...October 15, 2018
Apple to Enter the Digital Magazine Subscription Service
As if Apple’s domination in the world of high-end computers and smartphones isn’t enough, the company plans on expanding its business...October 15, 2018
The Experts Reveal the Battle of Debt Supremacy Between Student and Mortgage Debts
When it comes to debt, most Americans only think of two major debts they carry on their shoulders: mortgage and student...October 15, 2018
Amazon’s Growing Private Label Business Ignites Fear in Some Merchants
Whether the sellers and top brands like it or not, Amazon is clearly doubling its effort to grow its private labeling...October 15, 2018
These Top Financial Advisors Reveal How They Manage Your Investments
Most people nowadays seek the advice and guidance of financial advisors to manage their finances properly. These financial advisors are a...October 15, 2018
Financial Experts Reveal the Secret in Managing Your Credit Score
Everyone knows you must have a good credit score to avail of a new home or car in America. Having a...October 15, 2018
Crucial Factors to Consider If You’re Thinking of Refinancing Your House
Thinking of refinancing your house? Before you actually do it, the real-estate experts advise you think twice first. They want you...October 15, 2018
Tesla’s Stocks Plummeted Down 7% After Musk’s Settlement Agreement Case with the SEC
For the past few months, Tesla has been under fire and public scrutiny following Musk’s controversial interview about his botched privatization...October 15, 2018
Middle-aged Workers and Retirees to Pay More Taxes to Fund Their Social Care
According to MPs, the UK government should introduce a new tax funding for workers aged 40 years old and above, retirees...October 14, 2018