Date
25 November 2017
Qualcomm CEO Steve Mollenkopf (L), GE Vice Chairman John Rice (2nd L) and Ford Asia Pacific President Peter Fleet (2nd R) sign business agreements with Chinese counterparts at a ceremony in Beijing on Thursday. Photo: Reuters
Qualcomm CEO Steve Mollenkopf (L), GE Vice Chairman John Rice (2nd L) and Ford Asia Pacific President Peter Fleet (2nd R) sign business agreements with Chinese counterparts at a ceremony in Beijing on Thursday. Photo: Reuters

Qualcomm inks US$12 bln China deals amid Trump visit

Qualcomm has signed US$12 billion worth of deals with three Chinese mobile handset makers on the sidelines of a state visit to Beijing by US President Donald Trump.

The US chipmaker inked three non-binding and preliminary agreements during a ceremony at Beijing’s Great Hall of the People on Thursday, Reuters reports.

Under the deals, Qualcomm will sell components to phone makers Xiaomi, OPPO and Vivo over three years.

The agreement was part of an over US$250 billion package of deals unveiled between US and Chinese firms during Trump’s first state visit to China.

Trump has long railed against China’s massive trade surplus with the United States.

Qualcomm, which earns more than half of its revenues in China, became the takeover target of rival chipmaker Broadcom earlier this week. 

The chipmaker’s CEO, Steve Mollenkopf, said in a statement that Qualcomm has a longstanding relationship with Chinese phone makers, and that the latest deals fit with China’s ambitions to boost its domestic industry.

“We are continuing our commitment to investing and helping advance China’s mobile and semiconductor industries,” he said.

Among other US-China deals unveiled during the Trump visit, Boeing announced an agreement with state-run China Aviation Suppliers Holding Co to sell 300 Boeing jets worth US$37 billion at list prices.

Automaker Ford said it firmed up plans to export about US$10 billion worth of vehicles and auto parts to China from North America over the next three years.

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RC

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