The U.S. Department of Commerce said a deal has been reached with ZTE and its affiliates.
In a statement, Commerce Secretary Wilbur Ross said ZTE has agreed to pay fines and compliance measures in exchange for removal from the Denied Persons List.
According to the new settlement agreement, ZTE Corporation will pay a fine of $1 billion and place an additional $400 million in escrow. Then the removal from the ban list will take place.
“These penalties are in addition to the $892 million in penalties ZTE has already paid to the U.S government under the March 2017 settlement agreement,” the statement said.
One of the world’s leading integrated communications solution providers, ZTE has relationships with numerous U.S. suppliers and provided support for nearly 130,000 high-tech jobs in the United States.
The deal reverses a ban on ZTE buying parts from U.S. suppliers
Story compiled with information from Xinhua,CGTN, Reuters, and The Associated Press.
Donald Trump is facing pressure from members of his own political party over his attempts to ease up on Chinese telecom company ZTE. The U.S president has pledged to help the company as part of a deal aimed at averting a trade war with China.