After Helping ZTE, China Warns Firms Not to Be ‘Giant Babies’

ZTE agrees to US demands

The government will suspend the 10-year ban but it can activate the ban if there are any violations.

The Trump Administration still retains "the power to shut them down again" as well, and perhaps most important of all, a "compliance department" of the US Commerce's choosing will "literally be embedded into the company to monitor it going forward".

The ban on ZTE became a key focus in crunch trade talks between Washington and Beijing, and a deal to lift it was struck 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.

"We will closely monitor ZTE's behavior", Ross said in a statement.

He said the Commerce Department's $1.4 billion fine, including $400 million in escrow, brings U.S. penalties between last year and this year to $2.3 billion. Commerce Secretary Wilbur Ross said today that ZTE has agreed to pay the largest penalty ever levied by the department's Bureau of Industry and Security (BIS), and that the company will "adopt unprecedented compliance measures".

ZTE did not immediately respond to requests for comment on Thursday.

Ross said the U.S. will install its "own compliance people" to monitor the company, and shareholders will bring in new management and board.

The US blocked ZTE's access to US suppliers in April, saying the company violated a 2017 sanctions settlement related to trading with Iran and North Korea and then lied about the violations. Trump has countered that USA companies were also hurt by the ban because they could no longer sell parts to the firm.

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Her absence launched a wave of guesses in the mainstream and social media, where all sorts of theories were suggested. During her recovery from surgery they reported everything from near death, to facelift, to left the W.H.

The ban in effect nearly destroyed ZTE as it now relies on many components from American companies.

However, last month, Trump tweeted that "too many jobs in China" were being lost because of the US action and that he had instructed the Commerce Department to find a solution.

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

The US government has agreed a deal with Chinese smartphone and telecommunications network equipment manufacturer ZTE that will allow it to continue to trade with American firms.

The agreement signals that China will be likely to quickly approve the $43 billion acquisition of NXP by Qualcomm Inc, a deal that has been pending for 18 months.

Do you think this agreement will act as a good way to keep ZTE in check?

Trump barged into the ZTE case last month by tweeting that he was working with President Xi Jinping to put ZTE "back in business, fast" and save tens of thousands of Chinese jobs.

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