Agreement in principle to put Chinese firm back in business

Agreement in principle to put Chinese firm back in business

Washington lawmakers were indignant last month after Trump offered to rescue ZTE as a personal favor to Chinese President Xi Jinping - even though the company is widely considered a liability for United States national cyber-security.

Problems started to pile up for ZTE as soon as the USA ruling highlighted how the company had violated a sanctions agreement involving illegal exports to Iran and North Korea.

The US government has reached a deal with ZTE that will ease crippling sanctions on the Chinese smartphone company.

In return, Washington will strike the company from a sanctions list. NPR's Dustin Dwyer has more.

The terms, they said, were in line with Reuters reporting on the us demands Friday. Ross, speaking on CNBC today, said that a compliance team picked by the USA will be embedded at ZTE. The Commerce Department said that ZTE must also put $400 million in escrow - a sum that it would forfeit if it violated today's agreement.

DWYER: ZTE is not a household name in America. It reported $17 billion in sales a year ago. The company was allowed continued access to the US market under the 2017 agreement.

Back in April, the United States government announced a complete and total ban of any USA components manufacturers from selling to Chinese telecom and handset giant, ZTE (HKG:0763).

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It idled factories and halted trading of its stock on Chinese exchanges. Additionally, instead of disciplining the employees that facilitated the deals, ZTE actually gave them bonuses.

Ross said the agreement will serve as a "very strong deterrent, not only for them, but for other potential bad actors".

DWYER: Samm Sacks is a senior fellow at the Center for Strategic and International Studies.

"I think there's another shoe to drop". The Chinese authorities' involvement, on the backdrop of ongoing trade negotiations with the USA, have saved ZTE from almost-certain death. Here's Democratic Senator Chris Van Hollen of Maryland.

Many in Congress, both Republicans and Democrats have strongly opposed how the president was handling the ZTE matter - and blasted the latest twist.

The terms outlined by Reuters are similar to the those Trump outlined in a May 25 tweet, saying that ZTE might reopen "with high level security guarantees, change of management and board, [and it] must purchase US parts and pay a $1.3 Billion fine".

Shares of Qualcomm Inc rose 2 percent to $61.255, while NXP jumped 6.2 percent to $121.60.

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