Thursday, 21 June, 2018

China's ZTE apologises, pledges reboot after US reprieve

ZTE signs preliminary agreement to lift US ban ZTE will reportedly pay over $1 billion to lift US ban
Jan Cook | 10 June, 2018, 11:18

He noted that if the company does violate it again, in addition to the billion dollars they are paying the U.S. up front, it would have "to put $400 million into escrow".

Last month a source familiar with the talks said that the Trump administration had struck an agreement with ZTE.

US President Donald Trump met with his trade advisers on Tuesday to discuss China's offer to import an extra US$70 billion of American goods over a year in hopes of defusing a potential trade war between the world's two largest economies. It would also allow unfettered site visits to verify that USA components are being used as claimed by the company, and post calculations of US parts in its products on a public website, they added. China has vowed to retaliate on everything from US soybeans to airplanes, and said it will abandon its commitments if the USA follows through on its tariff threat. But Reuters reports that ZTE and the U.S. government have signed a preliminary agreement that will lift the Denial Order.

U.S. Secretary of Commerce Wilbur Ross announced that ZTE will pay a $1 billion fine for its recent violations.

After having been found to have sold equipment to sanctioned countries such as Iran and North Korea, ZTE was previously fined $1.19 billion. An employer of 75,000 people, ZTE was crippled by a Commerce Department ban on American firms selling it electronic parts.

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There are also some political ramifications to this deal - which are outside the scope of AnandTech's purview - but as the New York Times notes, many see this as part of a larger peace offering in ensuring a new trade deal between the United States and China.

ZTE's return to the US market is good news for several American companies.

"We have made them agree that they will adopt our code of compliance and pay for people we insert into the company to monitor that compliance", Ross said Thursday. ZTE was initially asked to cease operations of main business due to U.S sanctions.

"This is a company that repeatedly violated sanctions against Iran and North Korea, and with which the NSA, FBI, and Central Intelligence Agency all have cyber security concerns". He called the deal brokered a "strict settlement" calling it the "largest settlement fine that has ever been brought by the Commerce Department against any violator of export controls".

It had been speculated that any deal could be scuppered by resistance from both Democrats and Republicans in US Congress, who believe Trump is bowing to pressure and that ZTE could be a possible threat to national security.

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