FBN's Connell McShane and Susan Li on the Trump administration's efforts to reduce the USA trade deficit with China and concerns of a potential recession by 2020.
Bill Evanina, the director of the National Security and Counterintelligence Center, a federal counterspy agency, said in a Senate hearing Tuesday he would not recommend that anyone in government or the private sector use ZTE phones over electronic spying concerns.
After ZTE failed to take action against company employees involved in the illegal exports, the Commerce Department last month banned USA companies from supplying goods to ZTE for seven years.
But in a surprise move, Mr Trump has said he wants to help Chinese telecoms company ZTE Corp get "back into business", as too many jobs in China are at risk.
Expanding on Trump's message, White House deputy press secretary Lindsay Walters said in a statement, "The President's tweet underscores the importance of a free, fair, balanced, and mutually beneficial economic, trade and investment relationship between the United States and China".
ZTE announced last week the USA sanctions would force it to curtail major operations.
One area the world's two most powerful economies likely won't be able to address during discussions this week is China's practice of what is known as technology mercantilism, in which it distorts policies and systems in order to expand domestic technology production.
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The participants of the meeting also " unanimously rejected the allegations and condemned the fallacious assertions ". However, a close reading of his remarks shows that they constituted a full-frontal attack on the Pakistan army.
The U.S. -China Business Council (USCBC), which represents 200 American companies that are engaged in business with China, also urged the Trump administration to reconsider its tariff plan.
Cargill's comments come as the US Ambassador to China, Terry Branstad, said the US and China are still "very far apart" on resolving trade frictions.
ZTE reached a settlement in March 2017 for violating USA export laws and paid penalties totaling $1.19 billion. Earlier this month China responded in turn, threatening to impose a similar amount in levies on over 100 U.S. imports including soybeans, and automobiles. "Stay tuned!" Trump tweeted on Tuesday.
As part of this, they also entered into an agreement with the United States government.
It relies on U.S. microchips and other components for 25-30% of the equipment it produces.
The U.S. imposed the penalty on Shenzhen-based ZTE after discovering that the company, which had paid a $1.2 billion fine in the case, had failed to discipline employees involved and paid them bonuses instead.