Under the deal, ZTE will change its board and management within 30 days, pay a $1 billion fine and put $400 million in escrow. He later tweeted the ZTE talks were "part of a larger trade deal" being negotiated with China. The deal also includes a new 10-year ban that is suspended unless there are future violations.
Commerce Secretary Wilbur Ross told CNBC this morning that the us has struck a deal to lift sanctions on the electronics giant. In addition, the company will put $400 million into an escrow account, which the USA can access if it finds ZTE to be out of compliance with the agreement. Commerce Secretary Wilbur Ross said today that ZTE has agreed to pay the largest penalty ever levied by the department's Bureau of Industry and Security (BIS), and that the company will "adopt unprecedented compliance measures".
Ross said the US will install its "own compliance people" to monitor the company and shareholders will bring in new management and board.
The Trump administration yesterday announced a deal to allow the telecommunications company to resume buying from US companies, eliminating a key sticking point for the two nations in their talks on trade.
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Yin's letter said the issue will not be fully resolved until the USA government approves the agreement and unspecified conditions are met, according to the Post.
Chinese cellphone maker ZTE Corp. - the target of U.S. sanctions before President Trump ordered an abrupt about-face last month - has reportedly agreed to a preliminary deal to lift a U.S. Commerce Department ban on it buying from American suppliers.
However, last month, Trump tweeted that "too many jobs in China" were being lost because of the USA action and that he had instructed the Commerce Department to find a solution.
ZTE had been crippled by American sanctions, partly because it relies on American-made components to build its phones and cellular equipment. Separately, Qualcomm is trying to get Chinese approval for its pending $44 billion acquisition of NXP Semiconductors NV.
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ZTE, which sources up to 30 per cent of its components from the USA, paused its operations as a result and claimed its survival was at risk.
Qualcomm Chief Executive Officer Steven Mollenkopf said on Thursday he hoped the ZTE agreement would pave the way for the NXP approval.
ZTE supplier Oclaro Inc OCLR.O rose nearly 1 per cent while Acacia Communications Inc ACIA.O was down 1.5 per cent. Oclaro got 18 per cent of its business from ZTE past year, while 30 per cent of Acacia's total revenue was from ZTE.
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