US, China reach $1.4 billion sanctions deal over ZTE: Commerce Dept

The Trump administration is putting the finishing touches on a deal with ZTE. Bloomberg’s Jodi Schneider reports

Today a U.S. Commerce Department spokesman said that an agreement is pending between the United States and ZTE that would see ZTE pay a hefty fine and in exchange be allowed to purchase crucial components again.

Both Senators Rubio and Schumer, who have been sharply critical of the administration's plans to ease the penalties on ZTE, attacked the deal Thursday.

The deal stipulates that ZTE will overhaul its board of directors and executive team in 30 days.

Mr Ross emphasised that the agreement was separate from trade negotiations between the U.S. and China.

Commerce Secretary Wilbur Ross celebrated the deal and pledged that it would impose "the most strict compliance that we've ever had on any company, American or foreign".

"This is a pretty strict settlement ..."

Chinese telecoms company ZTE will likely continue to exist, thanks to a deal brokered between it and the United States government today. But under the deal announced Thursday, ZTE will pay an additional $1 billion penalty and put another $400 million in escrow to cover possible future violations.

More news: Curry Sets Finals 3-Point Record, Warriors Win Game 2 122-103

After a personal plea from Chinese President Xi Jinping to help the company get back into business, President Donald Trump said last month that the punishment of ZTE would lead to "too many jobs in China lost", directing the government to fix the situation.

According to reports out of China, ZTE has been making plans to resume manufacturing within hours from the official lift of the usa embargo, which deprived it of crucial us -made components including SoCs, radio chips, and software.

"The total deal is $1.4 billion".

ZTE had previously violated US sanctions on North Korea and Iran. The company has 20 US offices or research centers and has sponsored five National Basketball Association teams.

As part of a new agreement, the sources said, ZTE will retain another compliance contractor in addition to the three-year court-appointed monitor imposed by the plea agreement.

ZTE's major markets are communications networks (which would include 5G networks now under development), IOT ("internet of things"), big data and cloud-computing products, according to the annual report. Separately, Qualcomm is trying to get Chinese approval for its pending $44 billion acquisition of NXP Semiconductors NV. The Pentagon earlier this month ordered retail outlets on USA military bases to remove from the shelves smartphones made by the two companies. There has been strong opposition to breathing new life into ZTE from the US Congress, which has labeled the company a threat to "national security".

Thursday's agreement was "a prerequisite for making broader progress", DeBusk said.

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