Trump administration has cut deal with China’s ZTE, says source

2

Under the agreement, ZTE will oust its management team, hire American compliance officers and pay a fine — on top of USD 1 billion it’s already paid for selling equipment to North Korea and Iran in violation of US sanctions.

The Trump administration has told Congress it’s reached a deal that would allow Chinese telecommunications giant ZTE Corp. to stay in business, said a source familiar with the talks who spoke on condition of anonymity to discuss a confidential matter.

Under the agreement, ZTE will oust its management team, hire American compliance officers and pay a fine — on top of USD 1 billion it’s already paid for selling equipment to North Korea and Iran in violation of US sanctions.

In return, the U.S. Commerce Department will lift a seven-year ban on ZTE buying components from U.S. companies. The ban, imposed earlier this month, threatened to put ZTE out of business.

Democratic Sen. Chuck Schumer of New York criticized the reported deal: “President Trump would be helping make China great again.

2 COMMENTS

  1. I am extremely impressed with your writing skills as well
    as with the layout on your weblog. Is this a paid theme or did you
    modify it yourself? Anyway keep up the excellent
    quality writing, it is rare to see a great blog like this one today.

LEAVE A REPLY

Please enter your comment!
Please enter your name here