USA reaches agreement to lift ZTE ban with conditions

USA reaches agreement to lift ZTE ban with conditions

The deal would require ZTE to pay a hefty fine, shake up its management structure and hire American compliance officers, according to The New York Times, which cited a person familiar with the matter. ZTE will have to provide security guarantees, change its management and board, and pay an enormous $US1.3bn fine, and in exchange, it will regain vital access to USA company products and software licences allowing the smartphone business to continue operation. Once ZTE complies, the Commerce Department will lift an order under which the company had been cut off from US suppliers including Qualcomm Inc., effectively shutting down its business. The Senate Banking Committee has also acted against ZTE, voting 23-2 for an amendment to block President Trump from easing sanctions on ZTE. "Commerce Department has been instructed to get it done!"

On Capitol Hill, one senior congressional source said leaders have not yet received formal notification. The Trump administration accused the company of violating the 2017 settlement after ZTE was caught shipping USA components to North Korea and Iran and ordered to pay a $900 million penalty.

On Friday evening, President Donald Trump lashed out at Democratic lawmakers and confirmed the news of the deal on Twitter. Chuck Schumer of NY.

Schumer added: "Both parties in Congress should come together to stop this deal in its tracks".

"ZTE presents a national security threat to the United States - and nothing in this reported deal addresses that fundamental fact". Chris Van Hollen (D-Md.), the provision's author. "If President Trump won't put our security before Chinese jobs, Congress will act on a bipartisan basis to stop him".


"Our Trade Deal with China is moving along nicely, but in the end we will probably have to use a different structure in that this will be too hard to get done and to verify results after completion", the president said in a tweet on Wednesday.

Trump responded to his critics late Friday, saying Democrats had done nothing to rein in ZTE. Trump has negotiated a $1.3 billion fine with the Chinese President over a phone call, as per Fox News.

ZTE was initially banned from buying products exported by American technology companies due to findings showing that it had been selling American technology to Iran and North Korea. The ban amounted to a virtual death sentence for ZTE, which relies on United States parts, and it also hurt ZTE's USA suppliers.

While such an agreement is viewed as a way to advance trade negotiations with China, lawmakers could be resistant to a deal. Sen.

Some Chinese officials have said they would not follow through on other parts of the trade talks until USA officials reach an agreement to free ZTE.

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