Trump's ZTE Reversal May Signal Shift in China Trade Talks
*By Alisha Haridasani*
President Trump's reversal on how to deal with the Chinese electronics maker ZTE could signal a shift in trade talks before American and Chinese officials were to meet Tuesday for a second round of negotiations.
China [reportedly](https://www.nytimes.com/2018/05/14/business/china-trump-zte.html) welcomed Trump’s decision to try to help ZTE "get back into business, fast," weeks after the U.S. slapped the electronics company with crippling sanctions. The Chinese Ministry of Foreign Affairs said Monday the government is “maintaining close communication with the U.S. on the implementation of specific details.”
"If both countries are working together, there's less of a probability that this could evolve into some sort of a trade war," said Anthony Chan, chief economist at Chase.
Trump [tweeted](https://twitter.com/realDonaldTrump/status/995680316458262533) on Sunday that he and President Xi Jinping of China were working together, and Trump instructed the Commerce Department to help ZTE. "Too many jobs in China lost," he said on Twitter. "Commerce Department has been instructed to get it done!"
Last month, the U.S. blocked American companies from doing business with ZTE because the electronics company allegedly violated sanctions against Iran and North Korea. ZTE, which makes mobile phones, relies heavily on components created by American companies in its products. The crackdown forced the company to shut down most of its operations last week.
Following Trump’s tweet, the White House issued an official statement saying Secretary of Commerce Wilbur Ross will, “exercise his independent judgement, consistent with applicable laws and regulations, to resolve the regulatory action involving ZTE.”
For full interview, [click here](https://cheddar.com/videos/trump-vows-to-save-zte-jobs).
Wealthfront’s CFO Alan Iberman talks the $2.05B IPO and the major moment for robo banking as the company bets on AI, automation, and “self-driving money."
A rare magnum of Dom Pérignon Vintage 1961 champagne that was specially produced for the 1981 wedding of Prince Charles and Lady Diana has failed to sell during an auction. Danish auction house Bruun Rasmussen handled the bidding Thursday. The auction's house website lists the bottle as not sold. It was expected to fetch up to around $93,000. It is one of 12 bottles made to celebrate the royal wedding. Little was revealed about the seller. The auction house says the bids did not receive the desired minimum price.
The New York Times and President Donald Trump are fighting again. The news outlet said Wednesday it won't be deterred by Trump's “false and inflammatory language” from writing about the 79-year-old president's health. The Times has done a handful of stories on that topic recently, including an opinion column that said Trump is “starting to give President Joe Biden vibes.” In a Truth Social post, Trump said it might be treasonous for outlets like the Times to do “FAKE” reports about his health and "we should do something about it.” The Republican president already has a pending lawsuit against the newspaper for its past reports on his finances.
OpenAI has appointed Slack CEO Denise Dresser as its first chief of revenue. Dresser will oversee global revenue strategy and help businesses integrate AI into daily operations. OpenAI CEO Sam Altman recently emphasized improving ChatGPT, which now has over 800 million weekly users. Despite its success, OpenAI faces competition from companies like Google and concerns about profitability. The company earns money from premium ChatGPT subscriptions but hasn't ventured into advertising. Altman had recently announced delays in developing new products like AI agents and a personal assistant.
President Donald Trump says he will allow Nvidia to sell its H200 computer chip used in the development of artificial intelligence to “approved customers” in China. Trump said Monday on his social media site that he had informed China’s leader Xi Jinping and “President Xi responded positively!” There had been concerns about allowing advanced computer chips into China as it could help them to compete against the U.S. in building out AI capabilities. But there has also been a desire to develop the AI ecosystem with American companies such as chipmaker Nvidia.
