China’s ZTE estimates at least $3.1 billion loss from U.S. sanctions: Bloomberg

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May 22, 2018 #Americas, #Asia / Pacific, #China, #China (PRC), #Company News, #Diplomacy / Foreign Policy, #Emerging Market Countries, #General News, #Government / Politics, #International Agencies / Treaty Groups, #International Trade, #Iran, #Major News, #Middle East, #north korea, #regulation, #Technology (TRBC), #united states, #US, #US Government News, #usa, #ZTE

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BEIJING (Reuters) – China’s ZTE Corp is estimating losses of at least 20 billion yuan ($3.1 billion) due to Washington’s ban on U.S. firms supplying the telecommunications firm, Bloomberg reported on Wednesday, citing unnamed sources.

FILE PHOTO: A ZTE smart phone is pictured in this illustration taken April 17, 2018. REUTERS/Carlo Allegri/Illustration/File Photo

The report also said ZTE is hopeful that the United States and China will be able to soon reach a deal that would remove the ban and has a plan in place allowing the telecoms firm to “swing idled factories into action within hours” of the ban being officially lifted.

Reporting by Se Young Lee; Editing by Edwina Gibbs

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