Senators Introduce Measure to Reverse Trump Administration's ZTE Deal

Senators Introduce Measure to Reverse Trump Administration's ZTE Deal

WIthout access to these American companies, ZTE essentially can't do business. However ZTE's immediate woes now appear to be coming to an end; the Bureau of Industry and Security and ZTE have come to an agreement that will see the USA tech ban suspended in return for a massive settlement, leadership changes, and allowing significant & ongoing USA oversight of the company's compliance. The move was a direct result of ZTE selling to Iran and North Korea in direct violation of an April 2017 agreement that had ZTE promise to not sell to the aforementioned countries.

It would also ban the US government from using grants or loans to subsidize Huawei, ZTE or any subsidiaries or affiliates.

But some analysts said that trading lenience on ZTE for Chinese agreement to buy more American products would leave major issues unresolved.

What might "happen" is that ZTE will pay a US$1 billion fine, plus $400 million in escrow, an asset held by a third-party, to cover any future violations, according to a Reuters report. "This egregious behavior can not be ignored", Secretary of Commerce Wilbur Ross said in a press release at the time. Meanwhile to ensure ongoing compliance, ZTE is being required to put a further $400M in escrow, which would be forfeit if they violated U.S. export regulations again. A Commerce Department spokesman said that "no definitive agreement has been signed by both parties".

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Commerce Secretary Wilbur Ross announced an agreement with ZTE early Thursday that would impose additional financial penalties on and install USA -approved compliance officials within ZTE.

US Secretary of State for Commerce Wilbur Ross told CNBC: "If they do violate it again, in addition to the billion dollars they are paying us up front, we had them put $400m in escrow".

ZTE did not immediately respond to requests for comment.

Under the new agreement, ZTE must also retain a compliance team selected by the Commerce Department for 10 years. The company has 20 US offices or research centers and has sponsored five National Basketball Association teams. Its R&D centers are in China, the U.S., Europe, Japan and Canada. Bill Nelson and Marco Rubio are backing the new amendment, along with Sens. "I hope it means something good to us, but we are really focused more on our individual application", Mollenkopf told a corporate governance conference in NY. But after the Commerce Department determined that ZTE did not abide by those original sanctions, the company was hit with an even harsher penalty: It was not allowed to buy United States parts. That ban's removal is said to have saved the Chinese government-owned ZTE from collapse. The U.S. government has not signed the deal yet, however, ZTE has agreed to a previously drawn up deal. The company pleaded guilty in U.S. District Court in Texas past year.

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