Commerce Secretary: US reaches deal with China's ZTE
07 June, 2018, 16:38 | Author: Sally Reid
After Reuters reported that ZTE has signed a preliminary agreement with the U.S. Commerce Department, a spokesperson said in an official statement for Politico that "no definitive agreement has been signed by both parties" and that there are no other updates at this time.
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 us parts and pay a $1.3 Billion fine".
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.
Now, ZTE has reportedly signed an agreement with the US, but apparently the Commerce Department has not yet signed.
ZTE shut down its operations at the beginning of May following Commerce's decision to ban it from purchasing equipment from USA companies. Gogo Wireless was one of the first USA companies to speak publicly about the potential impact of the ZTE ban.
"We think this settlement, which brought the company, a $17 billion company, to its knees, more or less put them out of business. should serve as a very strong deterrent not only for them but for other potential bad actors", Ross told CNBC.
ZTE also did not immediately respond to requests for comment. The U.S. position has been that the fine is a law enforcement action, which should not be included in the discussions around trade. The preliminary agreement was signed by ZTE over the weekend, but the Chinese company has yet to sign the amended settlement agreement. It has enjoyed the backing of Chinese President Xi Jinping, who has been negotiating with Trump over a broader trade agreement.
U.S. President Donald Trump arrives for a welcoming ceremony in Beijing, China, November 9, 2017.
ZTE will also be required to replace its management board within 30 days. "Congress should move in a bipartisan fashion to block this deal right away".
ZTE, which devised elaborate schemes to hide the illegal activity, agreed to plead guilty after the Commerce Department threatened to cut off its global supply chain. Smaller makers of optical components, including Oclaro and Acacia, rely more heavily on ZTE's business.
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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