Chuck Schumer Rips Trump Amid Reported ZTE Deal
- Jose Bowers
The Department of Commerce notes this is the largest penalty it has ever levied on a single company. "If they commit any further violations, we would again be able to deny them access to USA technology as well as collect the additional US$400m in escrow", said Ross, before pledging that the BIS plans to impose "the most strict compliance that we've ever had on any company, American or foreign".
The deal which ZTE has agreed to would see the company pay a $1 billion fine, with $400 million in escrow should the company break the terms of agreement again. Ross, speaking on CNBC today, said that a compliance team picked by the us will be embedded at ZTE.
Citing "sources familiar with the matter", Reuters disclosed Tuesday that ZTE could soon be allowed to buy the US products. It would also allow unfettered site visits to verify that USA components are being used as claimed by the company, and post calculations of US parts in its products on a public website, they added. They will simply monitor the compliance of the company with the US export control laws.
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ZTE has agreed to a $1 billion penalty, in addition to $892 million it has already paid in penalties.
President Donald Trump has drawn fire from Congress for intervening in the case to rescue a Chinese company that had violated USA sanctions against two rogue nations that have been pursuing nuclear weapons programs.
Whatever the case, as long as ZTE can keep its nose clean and adhere to the terms of this newest deal with the USA government, it will be able to solider on as China's second-largest smartphone OEM. ZTE will pay a $1 billion fine, change its board and management, and put $400 in escrow. So the USA went nuclear on ZTE, imposing a seven-year ban on United States companies selling technology to the Chinese firm. The deal also includes a new 10-year ban that is suspended unless there are future violations. Ross had been instructed to look into easing restrictions on ZTE by President Trump, who had received a personal request from Chinese President Xi Jinping. The ban also hurt American companies that supply ZTE. The company already has a US court-appointed monitor.
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