Chuck Schumer Rips Trump Amid Reported ZTE Deal

The Trump administration is putting the finishing touches on a deal with ZTE. Bloomberg’s Jodi Schneider reports

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 usa parts and pay a $1.3 Billion fine".

ZTE, the Chinese telecommunications company trying to resolve a seven-year USA export ban, has sent out reprimand letters to 35 current and former employees involved in illegal sales to Iran and is seeking to claw back bonuses from those who have left the company, according to people familiar with the matter.

Officially, a U.S. Commerce Department spokesperson said that no definitive agreement between the agency and ZTE has been signed.

The ZTE saga is close to an end, as sources with knowledge about the subject claim the Chinese company has already signed a preliminary agreement with the United States government, which supposedly allows it to continue to buy components, parts, hardware and software from the US under certain conditions.

The deal also comes with requirements for ZTE's business operations. He also said ZTE was "reflective of the larger trade deal we are negotiating with China and my personal relationship with President Xi".

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However, last month, Trump tweeted that "too many jobs in China" were being lost because of the US action and that he had instructed the Commerce Department to find a solution.

The sources said ZTE also agreed to allow USA representatives to make site visits without coordinating with Chinese government officials, as required by a non-public agreement between the countries. It would also allow unfettered site visits to verify that United States components are being used as claimed by the company, and post calculations of U.S. parts in its products on a public website, they added.

ZTE would still have to pay the US government up to $1.7 billion in fines as part of this new settlement, according to the report. 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. Sources told the outlet that ZTE signed a us "agreement in principle" over the weekend, but had not yet signed an amended version. "Congress should move in a bipartisan fashion to block this deal right away".

The report says ZTE could pay a total of $1.7 billion as part of the agreement.

It's looking more and more like ZTE will be saved, thanks to a new agreement between the China-based smartphone maker and the USA government.

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