U.S. Cuts Deal With Sanctioned Chinese Tech Company ZTE
08 June, 2018, 10:48 | Author: Natasha Holloway
Under the deal, ZTE will change its board and management within 30 days, pay a $1 billion fine and put an additional $400 million in escrow.
According to Reuters, the preliminary deal includes a $1 billion fine against ZTE plus $400 million in escrow for any future violations, sources said.
Penalties amounted to $1 billion, and ZTE agreed to install new management and a compliance team picked by the U.S., Ross told CNBC.
China-based ZTE has reportedly signed an agreement in principle that would lift a U.S. Commerce Department ban on the company which barred it from buying from U.S. suppliers.
Resolution of the ZTE case may clear the way for progress in those trade talks.
The measure was introduced hours after Commerce Secretary Wilbur Ross announced that the USA had agreed to lift the seven year ban on US companies selling components and software to ZTE.
It would also ban the US government from using grants or loans to subsidize Huawei, ZTE or any subsidiaries or affiliates.
Acacia Communications shares are up 4.9%. The Chinese authorities' involvement, on the backdrop of ongoing trade negotiations with the USA, have saved ZTE from almost-certain death. Its R&D centers are in China, the U.S., Europe, Japan and Canada.
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Fox News foreign policy analyst Kiron Skinner and Wall Street Journal editorial page writer Jillian Melchior on how the Trump administration reached a deal with Chinese company ZTE. "This "deal" with #ZTE may keep them from selling to Iran and North Korea". Analysts estimate that four-fifths of ZTE's products have American companies.
Washington and Beijing have reached a deal to ease sanctions that brought Chinese smartphone maker ZTE to the brink of collapse, the US Commerce Department announced Thursday.
In April, Washington banned the sale of crucial USA components to the company after finding it had repeatedly lied and failed to take action against workers responsible for the sanctions violations. ZTE went into a tailspin, saying last month that it had shut down major operations.
Senator Ron Wyden of OR, a Democrat and ranking member on the Finance Committee with jurisdiction over trade, and Senate Minority Leader Chuck Schumer of NY called on Congress to reverse the agreement.
There was no immediate comment from the Chinese government on the ZTE agreement. "It's unprecedented to have USA agents as monitors ..."
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Several U.S. chipmakers, including Qualcomm and Intel, count ZTE as a customer. USA goods exported to China a year ago totaled $130 billion while Chinese imports to the US totaled $506 billion.
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