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
Demi Lovato Just Bought a New Home after Getting Engaged–Check Out Her Potential Marital Abode
It looks like Demi Lovato is on a dash to finally settle down. After announcing her engagement to beau Max Ehrich,...December 28, 2020
3 Tips To Recruit The Most Suitable People
If you’re an employer, hiring talent is probably one of those challenging tasks you have to deal with every now and...December 12, 2020
YouTube Sensation Jeffree Star Just Sold His Calabasas ‘Barbie Dream House’
If you’re well accustomed to the world of makeup and beauty, you’re bound to know all about the iconic make-up guru,...December 11, 2020
Experts’ Super-tricks to Save Six Times Your Income by 50
By the time you’re 50, you’re likely more financially stable than you were in your youthful years. But at this phase...December 9, 2020
The Iconic Hilton House is Up On the Market for $75 Million
In Los Angeles, the Jay Paley house, which has been the home to the Hilton family for more than 5 decades,...December 9, 2020
Tips That’ll Make You an Investment Master In No Time!
Investing is often considered to be complicated and risk-bearing because of unhappy stories we’ve heard from failed investors. But isn’t failing a part...December 8, 2020
Paul Simon Relists His Connecticut Estate For $11.9 Million
From sports to music to Hollywood, keeping entertainment aside, if there’s one thing that attracts us towards celebrities, it’s their lifestyle! Unlike...December 6, 2020
Why and How to Get Rid of Your Mortgage Faster!
Most people prefer to go with the flow; thus, they keep paying mortgages for years and years to come. It is...December 4, 2020
The Holiday Season is No Reason to Land Yourself in Debt
Everyone is eagerly anticipating Thanksgiving and Christmas’s auspicious occasions to shed off the misery of the past year. The coronavirus hit...December 2, 2020