No agreement yet between US, China on ZTE: Trump aide

No agreement yet between US, China on ZTE: Trump aide

Reuters says that the deal will include ZTE paying a $1 billion fine for violating usa sanctions, as well as putting additional funds in escrow in case of any future violations.

In 2018, the government placed a seven-year US parts supply ban on ZTE, as it claimed the company had not yet disciplined 35 of its employees, which was a condition of the 2017 deal.

Reuters is reporting that there is now an "agreement in principle", although the Commerce Department says "no definitive agreement has been signed by both parties". The Trump administration had previously announced that it was banning US companies from selling ZTE components for seven years, components critical to its entire product line. ZTE relies on US parts and the ban also hurt ZTE's USA suppliers.

The US had previously blocked ZTE's access to US suppliers, saying the company had violated a sanctions settlement. The resolution of the ZTE case may clear the way for the U.S.to make progress in its high-stakes trade talks with China. The U.S. also needs China's help negotiating the denuclearization of North Korea ahead of a June 12 summit between President Donald Trump and North Korea's Kim Jong Un.

U.S Senate Democratic leader Chuck Shumer quipped, "By letting ZTE off the hook, the president who roared like a lion is governing like a lamb when it comes to China".

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Ross also said that the company will have to replace its entire management and board of directors as part of the deal.

Commerce Secretary Wilbur Ross says the USA has struck a deal with ZTE to end sanctions.

At the weekend, the company is believed to have agreed to the plan although a "settlement" document has yet to be signed. "Congress should move in a bipartisan fashion to block this deal right away". ZTE's failure to comply with these terms triggered the suspended denial order that prohibits American companies from doing business with the Shenzhen-based company, plunging it into crisis.

United States companies provide an estimated 25 to 30 percent of components in ZTE's equipment, which includes smartphones and gear to build telecommunications networks.

A new report claims ZTE has signed a preliminary agreement with the USA government that would allow it to once again use parts from US phone suppliers.

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