Winning Level – Wolverine Grandmaster: Secretary Ross Imposes $1.19 Billion Fine Against Chinese Company…

Commerce Secretary Wilbur “Wolverine” Ross put the trade world on notice today when he announced a staggering $1.19 billion penalty on Chinese company ZTE for violating U.S. sanctions and selling electronics to Iran and North Korea.

China’s ZTE has agreed to pay the United States the fine.  Remember, in China all private businesses are politically attached to the central government.

(From Wilbur Ross Office) Secretary of Commerce Wilbur L. Ross, Jr. today announced that China’s Zhongxing Telecommunications Equipment Corporation and ZTE Kangxun Telecommunications Ltd., known collectively as ZTE, has agreed to a record-high combined civil and criminal penalty of $1.19 billion, pending approval from the courts, after illegally shipping telecommunications equipment to Iran and North Korea in violation of the Export Administration Regulations (EAR) and the Iranian Transactions and Sanctions Regulations (ITSR).

As part of the settlement, ZTE has agreed to pay a penalty of $661 million to Commerce’s Bureau of Industry Security (BIS), with $300 million suspended during a seven-year probationary period to deter future violations.

This civil penalty is the largest ever imposed by the BIS and, if the criminal plea is approved by a federal judge, the combined $1.19 billion in penalties from Commerce, the Department of Justice, and the Department of Treasury, would be the largest fine and forfeiture ever levied by the U.S. government in an export control case.

“We are putting the world on notice: the games are over,” said Secretary Ross.  “Those who flout our economic sanctions and export control laws will not go unpunished – they will suffer the harshest of consequences.

Under President Trump’s leadership, we will be aggressively enforcing strong trade policies with the dual purpose of protecting American national security and protecting American workers.”  (read more)

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181 Responses to Winning Level – Wolverine Grandmaster: Secretary Ross Imposes $1.19 Billion Fine Against Chinese Company…

  1. Sandra says:

    Trump and his fine team have already so far exceeded my expectations I’m astounded. I almost feel like crying about it.

    Liked by 11 people

  2. jparz says:

    I kinda feel weepy too. This is just…Wow! God continue to Bless President Trump. Amazing!

    Like

  3. Aqua says:

    This just may have been the most significant news of the day–week–even the month– and yet the mainstream news punted on coverage once again.

    Thank you, Sundance.

    Great job, Secretary Ross.

    Liked by 4 people

  4. trapper says:

    China just called on North Korea to suspend its nuclear and missile launches. True, they are proposing that it be in exchange for US/SKorea suspending its planned military exercises, but still. This is significant. In this stare down, China just blinked.

    http://www.rappler.com/world/regions/asia-pacific/163576-china-calls-halt-north-korea-nuclear-missile-activities

    Liked by 1 person

    • And say hello to my little friend, THADD. Iran is next!

      Liked by 1 person

    • A2 says:

      This is Wang Yi mouth-piecing their strategy to get NK to concede to what they call ‘double concessions’ to ‘tensions’ on the Korean peninsula. This is so they may strengthen their hand over THAAD deployment that China (backed by Russia) really are rock solid on their position against this and also what they are most afraid of.

      If NK gives promises to do so, at Chinese behest, they will argue that this action will negate the necessity of deploying THAAD. If the US agrees then they have a double face-saving win; no joint military exercises and no THAAD.

      Opening gambit.

      Like

  5. Frank says:

    Get ’em, Wilbur! Despite the Democrats’ withering hatred for America, the Trump administration continues to rack-up one victory after another. On the other hand, it’s a sorry state of affairs when simply enforcing the law counts as a victory, eh? But at least we’re on our way back to where this country ought to be. God bless Wilbur Ross and all the rest of the President’s people.

    Liked by 3 people

  6. Wilbur the Wolverine Ross: “and there’s more to come”

    #Winning!

    Liked by 2 people

  7. Too bad the BP oil spill didn’t happen on Trump’s watch. Those of us who were affected would, no doubt, have been treated much better!

    Like

  8. What I have found most interesting about trump so far is how he moving in multiple directions and levels at one time. He isn’t waiting for a grand strategy or coalition to use the authority that he has. I.E. immigration and his cabinet is also taking needed actions. This commerce stuff, the interior orders re access and even though the EPA isn’t a cabinet position there have been much needed changes there. All mostly tactical. Then there is the operational actions like Obamacare repeal, budget planning, job creation, regulatory reform, Supreme Court nominees etc. then there is the strategic such as confronting the corruption that exists in th media, congress, lobbyists, and the most overlooked strategy piece of putting America first. That is strategy. And he doing all of this at once and with complete disregard for mistakes or missteps and just pushing forward

    Amazing what someone can do when they have Done stuff before.

    Note, strategy is how an entity creates and sustains a competitive advantage.

    Liked by 4 people

  9. Timmy-the-Ute says:

    Sec. Ross did say he likes robot. But if robots are used companies should still have to pay payroll social security taxes for the use of them or Social Security will collapse, which Pres. Trump is against.

    Like

  10. Red says:

    This right here is why we were never intended to have career politicians!!!!! Nothing nor anyone compares to real world business men and women!

    Thank the Good Lord for President Donald J Trump and his merry band of businessmen.

    Liked by 3 people

  11. Such an innocent looking little dude……..

    Liked by 1 person

  12. hellinahandbasket says:

    Hmmmm….What about US military/companies/technologies which have illegally built, given, and contributed to the surveillance state of China? I hope President Trump finds and draws that line in the sand as well. I would assume he already knows it exists, and I for one will be happy to see all of it addressed.

    China’s All-Seeing Eye
    By Naomi Klein – May 14th, 2008
    Published in Rolling Stone
    “…With the help of U.S. defense contractors, China is building the prototype for a high-tech police state. It is ready for export…”
    “…China today, epitomized by Shenzhen’s transition from mud to megacity in 30 years, represents a new way to organize society. Sometimes called “market Stalinism,” it is a potent hybrid of the most powerful political tools of authoritarian communism — central planning, merciless repression, constant surveillance — harnessed to advance the goals of global capitalism…”

    The United States helped to make all of it “happen”. For those here who have never stumbled upon this article from 2008 – it’s quite the eye-opener:
    http://www.naomiklein.org/articles/2008/05/chinas-all-seeing-eye

    Like

  13. jeans2nd says:

    China says, “We’ll be really really good from now on, pinky swear.”

    “ZTE has appointed new CEO and made major changes to the senior management team… It also established a new compliance committee and strengthened export control compliance training and processes.”
    http://news.xinhuanet.com/english/2017-03/08/c_136110412.htm

    Think the Chinese have noticed Peter Navarro standing behind Commerce Sec Wilber Ross yet? Nah…

    Like

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