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ZTE Said to Have Signed Preliminary Agreement to Lift US Ban
08 June 2018, 04:40 | Cedric Leonard
Report Tentative ZTE Deal with U.S. Could Bring Fine to $1.7B AFP 5 Jun 2018Washington DC
The deal will involve ZTE paying a $1bn penalty and hiring a compliance team chosen by the US, Mr Ross told CNBC. China's second largest telecom equipment maker (after Huawei) has reportedly signed an agreement that would lift the U.S. Commerce Department's ban. It will also allow unfettered site visits to verify that United States components are being used correctly, and post calculations of U.S. parts in its products on a public website.
The settlement also requires ZTE to put US$400 million in escrow to cover any future violations and change its board of directors and executive team within a month.
ZTE's survival has been a topic of discussion in high-level US-China trade talks.
ZTE depends on US-made components to build its smartphones and networking equipment.
ZTE did not immediately respond to requests for comment. That's in addition to the $1 billion fine paid a year ago. They must also post calculations of the usage of US -made components on a public website. "China is willing to increase imports from the U.S.", Commerce Ministry spokesman Gao Feng told a weekly news conference.
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. "It's unprecedented to have U.S. agents as monitors ..."
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It also predicted a deceleration in China's growth rate, estimating a 6.6 per cent growth in 2018, down from 6.9 per cent in 2017. Possibly, the biggest risk could be rising crude oil prices, which this month hit $80 a barrel, their highest since 2014.