ZTE reportedly signs deal that would end export ban

China's ZTE said it ceased major operations last month due to the ban

China-based ZTE has reportedly signed an agreement in principle that would lift a U.S. Commerce Department ban on the company which barred it from buying from U.S. suppliers. ZTE was assessed $2.29 billion in civil and criminal penalties by the Commerce Department and other U.S. agencies since past year.

In April, the Commerce Department barred ZTE from importing American components for seven years, having concluded that it deceived US regulators after it settled charges last year of sanctions violations: Instead of disciplining all employees involved, Commerce said, ZTE had paid some of them full bonuses and then lied about it.

Reuters reported exclusively on Tuesday that ZTE had signed a preliminary agreement with the Commerce Department, along with the fine and other terms.

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 United States suppliers.

Shares of USA companies that do business with ZTE rose on Thursday. "That's good", U.S. Senator Marco Rubio tweeted.

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Ross insisted Thursday that the ZTE matter was "quite separate and apart" from ongoing trade talks with China.

Under the 23-page definitive agreement announced by Ross, ZTE also is required to change its entire board of directors and executive team within 30 days.

But early this year, the United States government discovered that ZTE had not followed through on its promise.

President Donald Trump has drawn criticism from members of Congress for trying to reach a deal to save ZTE and the jobs it provides to Chinese workers.

"Today, BIS is imposing the largest penalty it has ever levied and requiring that ZTE adopt unprecedented compliance measures", Ross said in a statement.

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Washington and Beijing have reached a deal to ease sanctions that brought Chinese smartphone maker ZTE to the brink of collapse, the US Commerce Department announced Thursday. The company has 20 USA offices or research centers and has sponsored five National Basketball Association teams.

"The Chinese government. uses their telecommunications systems that they export around the world as means to create a backdoor so they can conduct economic and national security espionage", he told Texas reporters on a weekly call.

"By letting ZTE off the hook, the president who roared like a lion is governing like a lamb when it comes to China", Chuck Schumer, the US Senate Democratic leader, said in a statement.

Trump argues that bilateral trade deficits reflect bad deals for the US that need to be rewritten. However, some sources who corresponded with me say that the Chinese government has purposely held up the acquisition of NXP Semiconductors by Qualcomm while it negotiates a more positive outcome for ZTE.

ZTE depends on US-made components to build its smartphones and networking equipment. The first settlement with ZTE set a record for civil and criminal penalties in an export control case. NeoPhotonics (NPTN) rose 1.6% to 7.15, while Oclaro (OCLR) climbed 1.4% to 9.18.

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