ZTE will reportedly pay over $1 billion to lift USA ban

ZTE has reportedly made an agreement with the U.S. to lift Denial Order

China's No. 2 telecommunications equipment maker ZTE secured a lifeline from the Trump administration on Thursday after agreeing to pay a $1 billion fine and overhaul leadership in a deal that will lift a ban on its doing business with USA suppliers.

ZTE has already paid a $1.19 billion fine for violating USA sanction.

In total, the US will collect $1.7 billion from the Chinese phone company for violating sanctions against Iran and North Korea.

However, Commerce Department spokesman James Rockas told Reuters that "no definitive agreement has been signed by both parties".

ZTE shut down its operations at the beginning of May following Commerce's decision to ban it from purchasing equipment from USA companies.

Meanwhile, the South China Morning Post reported Wednesday that ZTE has been sending out letters of reprimand to 35 current and former employees who were associated with the sanction-busting, and is even "seeking to claw back bonuses from those who have left the company". Bill Nelson and Marco Rubio are backing the new amendment, along with Sens. Published reports suggested that the ZTE ban had become a bargaining chip in the Trump Administration's trade negotiations with China. This would allow the U.S. to quickly re-instate the ban if ZTE violates the terms of the 10 year agreement. However ZTE's immediate woes now appear to be coming to an end; the Bureau of Industry and Security and ZTE have come to an agreement that will see the U.S. tech ban suspended in return for a massive settlement, leadership changes, and allowing significant & ongoing United States oversight of the company's compliance.

Ross said on Thursday the penalty is the largest the Commerce Department has ever levied.

ZTE depends on US-made components to build its smartphones and networking equipment. The company has 20 USA offices or research centers and has sponsored five National Basketball Association teams.

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US intelligence agencies have concluded that ZTE poses a "significant" national security threat.

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.

"By letting ZTE off the hook, the president who roared like a lion is governing like a lamb when it comes to China", Chuck Schumer, the US Senate Democratic leader, said in a statement. "The Chinese public was up in arms because they believed the USA was destroying ZTE".

USA officials say China last weekend offered to buy an additional $70 billion in U.S. goods to cut the trade deficit - on condition that Trump call off the planned tech-sector tariffs.

The U.S. has reached a deal to lift sanctions on Chinese telecommunications firm ZTE. "The ZTE case was a thorn in the side for China".

"The hope is accommodating China's concerns on ZTE will open the door to favorable decisions on Qualcomm and other deals", said Altbach.

ZTE supplier Oclaro Inc rose nearly 1% while Acacia Communications Inc. was down 1.5%.

ZTE supplier Oclaro Inc was up 1.3 percent while Acacia Communications Inc was down 0.6 percent.

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