Commerce Secretary: U.S. reaches deal with China’s ZTE

Commerce Secretary: U.S. reaches deal with China’s ZTE

Fox News foreign policy analyst Kiron Skinner and Wall Street Journal editorial page writer Jillian Melchior on how the Trump administration reached a deal with Chinese company ZTE. However, the agreement is facing backlash from several U.S. lawmakers, who claim that ZTE and its telecommunication gear are a national security threat. "This should serve as a very good deterrent not only for them but for other potential bad actors", Ross said.

The new agreement also requires ZTE to change their board of directors and senior leadership. 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.

"Now, if they do violate it again, in addition to the billion dollars they're paying us right up front, we have them put $400 million in escrow so the total deal is a billion 400 million", Ross said. We imposed a work team chosen by us within the company, financed by it and subordinated to the new executives, to closely monitor their activities, said the high official in the Squawk Box program of such television station. Finally, ZTE will have to place an additional $400 million in escrow for the next 10 years. During this period, ZTE paid penalties worth up to $661 million and entered into a seven-year suspension from exporting. ZTE was assessed $2.29 billion in civil and criminal penalties by the Commerce Department and other USA agencies since previous year. You see, the company has been flourishing in the United States as the fourth biggest phone maker only to be sanctioned for lying to the USA government for violating laws that must be followed in relation to transactions with North Korea and Iran. The company announced it was shutting down just weeks after the ban was announced.

It's not clear yet when the ban will be officially lifted.

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Senator Ron Wyden raised both issues Thursday as he called for the agreement to be reversed. ZTE purchase key components from USA -based companies like Intel and Qualcomm.

Crack open some ZTE Android phones, and you'll find that Qualcomm Inc. - an American company - designs most of their processors.

"By letting ZTE off the hook, the president who roared like a lion is governing like a lamb when it comes to China", U.S. Senate Democratic leader Chuck Schumer said in a statement in response to Reuters' report of the preliminary agreement.

First published June 7, 5:31 a.m. PT Updates, 5:54 a.m.: Adds background; 8:26 a.m.: Includes comment from Commerce Department release; 11:09 a.m: Adds ZTE declining to comment.

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