U.S. reaches deal to keep China’s ZTE in business

Visitors pass in front of the Chinese telecoms equipment group ZTE booth at the Mobile World Congress in Barcelona Spain

"Simply a fine and changing board members would not protect America's economic or national security, and would be a huge victory for President Xi, and a dramatic retreat by President Trump".

President Trump this month ordered a review of the ZTE ban in response to a personal request by Chinese President Xi Jinping.

In April, ZTE was banned from buying American technology components for seven years for breaking an agreement reached after it violated USA sanctions against Iran and North Korea. In addition, the United States will install U.S. compliance officers within ZTE to make sure things remain as they should.

The deal proposed by the U.S. Department of Commerce would allow ZTE to receive American exports, but in exchange, the Chinese company would have to pay a "substantial" fine, make changes to its management team, and hire officers dedicated to American compliance to ensure the company fixes its behavior.

And a number of Democrats and Republicans have said products from ZTE, which is partly owned by the Chinese government, could also be used to collect information on US companies and steal intellectual property. Without crucial hardware components, ZTE's factories and most of its 75,000 employees are sitting idle. We expect to see comment from ZTE in the not too distant future, but for now, nothing has been made public. The penalty stemmed from for breaking an agreement after it was caught illegally shipping USA goods to Iran and North Korea, in an investigation dating to the Obama administration. The eventual fine, lost sales, and suspended operations will amount to at least $3 billions in losses.

Senator Schumer and Obama Administration let phone company ZTE flourish with no security checks. "It is a great deal. for #ZTE & China", GOP Sen. "#China crushes United States companies with no mercy & they use these telecomm companies to spy & steal from us", he said on Twitter.

Trump has announced that a deal has been reached that would enable ZTE to operate in the US.

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Schumer added: "Both parties in Congress should come together to stop this deal in its tracks". United States Secretary of Commerce Wilbur Ross commented, "ZTE made false statements to the USA government when they were originally caught and put on the Entity List, made false statements during the reprieve it was given, and made false statements again during its probation".

The U.S. Department of Defense has also stopped selling ZTE's mobile phones and modems in stores on its military bases, citing potential security risks. They made only bad deals (Iran) and their so-called Trade Deals are the laughing stock of the world!

Ross is scheduled to travel to Beijing next week to accelerate talks, particularly focused on securing a commitment from China to purchase more US goods.

ZTE needs US components for its mobile phones and network equipment. By some estimates, ZTE uses components from American suppliers in up to 90 percent of its products.

As part of the agreements, ZTE made a year ago it dismissed four senior employees.

Shares of ZTE's USA suppliers traded higher on Friday. The Trump administration has pushed China to help cut the $376 billion trade surplus with the U.S, with Beijing so far making only vague commitments to buy more US goods, including farm products and energy.

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