Commerce Secretary: US Has Reached Agreement With China's ZTE

ZTE signs preliminary agreement to lift US ban

ZTE signs preliminary agreement to lift US ban

Their function will be to monitor on a real-time basis ZTE's compliance with United States export control laws.

"The Chinese are well aware there's a new marshal in town", Ross said.

The company settled criminal and civil charges past year in connection with violating US sanctions against Iran and North Korea. Of those, $1 billion is the fine and $400 million will be in escrow in case of future transgressions.

US Secretary of Commerce Wilbur Ross said in a statement released on Thursday that ZTE will be required to pay US$1bn up front and place an additional US$400m in a suspended penalty fund. ZTE was assessed US$2.29 billion in civil and criminal penalties by the Commerce Department and other U.S. agencies since a year ago.

Strict though it may be, the settlement is welcome news in China.

Back in April, as punishment for continued violations of a previous export ban settlement with the US, the US Department of Commerce's Bureau of Industry and Security enacted a denial order against ZTE.

"This should serve as a very good deterrent not only for them but for other potential bad actors", he added. He later tweeted the ZTE talks were "part of a larger trade deal" being negotiated with China.

All the third party apps Apple killed at WWDC 2018
There are brand new tabs to Discover, Create, Work, Play, and Develop with curated app collections based on specific purposes. From a Dark Mode to new security and privacy measures , we've outlined what's new in macOS Mojave and when you can get it.

Ross told CNBC the ZTE deal was an enforcement matter that was unrelated to the trade talks, which he has led. One of China's largest telecommunications companies is back on its feet today, thanks to a deal with the US government.

"That's an unprecedented amount of surveillance to put into a company", he said on "Lou Dobbs Tonight".

The tentative agreement is under review by both USA and Chinese officials and could fall apart under final reviews, according to one of the people, who spoke on condition of anonymity to discuss internal deliberations.

ZTE, in addition to smartphones, has been a large manufacturer of telecommunications equipment that allows large carriers to operate their wireless and data networks.

China's No 2 telecommunications equipment maker is back in business. It is listed on the Shenzhen and Hong Kong stock exchanges.

The Commerce Department stated that ZTE had been put on the list for "falsely informing the U.S. Government that it would or had disciplined numerous employees responsible for the violations that led to" a previous agreement in March 2017, for the violation of USA trade agreements.

As trade tensions have mounted, ZTE has become something of a sore point in those talks. The White House has been insisting on fundamental changes in ties between the world's two biggest economic powers. For other USA companies, ZTE is a supplier.

Recommended News

  • American diplomats fall ill in China after hearing odd noises

    American diplomats fall ill in China after hearing odd noises

    The incidents have raised concerns that a government or agency may be targeting the USA with a new type of sonic weapon. It is also the only USA diplomatic installation in China authorised to process immigrant visas and handle adoptions.
    Stop Separating Migrant Children From Parents — UN to US

    Stop Separating Migrant Children From Parents — UN to US

    The rights office said children should never be detained for reasons related to their own or their parents' migration status. So while separating families might not have been the administration's intention, it is an obvious effect of the policy.
    IOS 12 fixes the iPhone X's terrible  screenshot problem

    IOS 12 fixes the iPhone X's terrible screenshot problem

    On iOS 12 , up to 32 people will be able to call into a FaceTime chat, which is probably unnecessary, but also pretty awesome. There are four new animated emoji characters that respond to your facial expressions: ghost, koala, tiger and a T-rex.
  • In Canada in an accident with a bus injured 24 people

    In Canada in an accident with a bus injured 24 people

    OPP officers work at the site of a crash involving a tour bus on Highway 401 West, near Prescott, Ont . on Monday, June 4, 2018. Spokeswoman Abby McIntyre told The Canadian Press that all the patients the hospital had received were "Mandarin speaking".
    Mood swing: LeBron, Cavs home looking to turn around Finals

    Mood swing: LeBron, Cavs home looking to turn around Finals

    Warriors star Steph Curry and Kevin Durant are now halfway to a second consecutive National Basketball Association title together. He now faces one of the tallest tasks of his career when he takes on a team that has 4 All-Stars and many quality role players.
    Hawaii volcano lava destroys hundreds of homes in new subdivisions

    Hawaii volcano lava destroys hundreds of homes in new subdivisions

    Thousands in the Puna area had to evacuate after lava fissures started opening in neighbourhoods a month ago. The state is issuing citations to those who needed to be rescued from mandatory evacuation areas.
  • Amazon Fire TV Cube is an Alexa Powered Universal Remote

    Amazon Fire TV Cube is an Alexa Powered Universal Remote

    For convenience, Amazon will bundle the Fire TV Cube with an IR signal extender in case you have a peripheral inside a cabinet. The new device can also do typical Alexa tasks, such as playing "Jeopardy!" or fetching the weather, even when the TV is off.
    Stephen Curry sets new record as Golden State beat Cleveland

    Stephen Curry sets new record as Golden State beat Cleveland

    He pointed out that Cleveland's players did a poor job of switching on screens to defend Curry and the Warriors' other shooters. The Minnesota Lynx were not invited to the White House after their WNBA championship. "I'm not suprised.
    SES-12 satellite successfully launched

    SES-12 satellite successfully launched

    After extensive tests and checkout, the spacecraft is expected to enter operational service early next year. The good side of all this is it actually extends our (on orbit) life capability from 15 to 22 years.
  • Justify wins Belmont Stakes to become 13th victor  of Triple Crown

    Justify wins Belmont Stakes to become 13th victor of Triple Crown

    Justify was sired by Champagne Stakes and Florida Derby champion Scat Daddy and was born at Glenwood Farm in Versailles, Kentucky. Each race has strict guidelines to ensure the horse is not overloaded as well as has the ability to reach top speeds.
    Dutch queen's sister found dead at home

    Dutch queen's sister found dead at home

    Queen Máxima has cancelled a string of public engagements following news of the death of her youngest sister, at the age of 33. Her body was found Wednesday night by her mother María del Carmen Cerruti and a friend of Zorreguieta, said news agency EFE.
    Marco Cecchinato enjoys life-changing victory - French Open 2018

    Marco Cecchinato enjoys life-changing victory - French Open 2018

    Even though he trails Thiem in their head-to-head, he won their most recent meeting on clay in the Madrid final this year. The last of his 12 majors was secured at Roland Garros in 2016 when he completed a career Grand Slam.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.