U.S. reaches deal with China's ZTE, commerce secretary says

ZTE will reportedly pay total of $1.7B to lift US Commerce Department ban

ZTE will have to pay a $1 billion penalty, change its board and executive team within 30 days, and accept to embed a "compliance team" from the USA government within its organization.

According to a report from Reuters, ZTE has reached a deal with usa authorities that would lift a ban that prevents it from buying parts from U.S. suppliers.

Reuters reported Tuesday that under the preliminary agreement, ZTE would pay a $1 billion fine in addition to another $400 million in an escrow in case it commits future sanctions violations.

Commerce Secretary Wilbur Ross announced a deal with Chinese telecommunications company ZTE amid U.S.

Trump tweeted last month that he told Commerce officials to find a way for ZTE to resume operations, later suggesting penalties of a $1.3 billion fine and changes to its board and top management.

On Thursday, he defended the new deal on CNBC, though, saying that "it imposes the most strict compliance that we've ever had on any company, American or foreign" and is meant to deter future wrongdoing.

Senate Democratic leader Chuck Schumer called the agreement "a 180-degree turn away from the president's promise to be tough on China".

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The agreement comes as U.S. President Donald Trump seeks trade concessions from China and negotiations continue to avoid a trade war between the world's two largest economies. This includes once again being able to receive Qualcomm SoCs and the Android OS for their smartphones, along with the numerous components used in their networking gear.

ZTE also did not immediately respond to requests for comment. It paid $890 million in fines. "The Chinese public was up in arms because they believed the US was destroying ZTE". Those measures had threatened to put ZTE out of business. China has vowed to retaliate on everything from US soybeans to airplanes, and said it will abandon its commitments if the USA follows through on its tariff threat.

This week there were several reports that the usa and China had reached the broad outlines of a deal during Ross's recent trip to Beijing. That left a US deficit of more than $375 billion.

ZTE's survival has been a topic of discussion in high-level U.S.

Thursday's agreement was "a prerequisite for making broader progress", DeBusk said.

Acacia rose as much as 4.5% intraday, but ended the session down 1% to 33.53. Both companies' share prices rose Thursday, with NXP up more than 6 percent in midday trading.

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