Friday, 17 August, 2018

U.S. reaches deal with China's ZTE, commerce secretary says

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Russell Knight | 10 June, 2018, 03:16

Despite this new change, the Pentagon has still ordered all ZTE and Huawei phones to be removed from its military bases.

"The sources requested anonymity because they were not authorized to publicly discuss the matter".

The Commerce Department plans to amend its 2017 settlement agreement and count the $361 million ZTE paid as a part of that, allowing the United States to claim a total penalty of as much as $1.7 billion (roughly Rs. 11,400 crores), the sources said.

ZTE has become a critical part of the broader discussions between China and the USA, the two largest economies in the world, over trade tensions and whether the two countries can prevent a trade war that could involve billions of dollars' worth of tariffs.

The deal stipulates that ZTE will overhaul its board of directors and executive team in 30 days.

The immediate ramifications of this deal are that although ZTE is becoming cash-poorer, this will allow them to resume day-to-day business operations and get the business moving again.

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William Reinsch, a trade expert at the Center for Strategic and International Studies, said the ZTE offer suggested Beijing could have concessions to Trump on trade but it remained unclear whether these were of equal value. "They will pay for those people but the people will report to the new chairman", said Ross.

Immediately after the deal was announced, Republican senator Marco Rubio lashed out at the agreement, calling it a "very bad deal" on Twitter, and vowing to continue his push for congressional action to block it.

The decision amounted to a death sentence to ZTE, which relies on US parts and which announced that it was halting operations. While it did fire the four employees, the company admitted to making false statements about the others, handing out full bonuses. The ban also hurt American companies that supply ZTE.

DUSTIN DWYER, BYLINE: There had been word in recent days of a possible deal between ZTE and US regulators. "ZTE misled the Department of Commerce". The U.S. government has not signed the deal yet, however, ZTE has agreed to a previously drawn up deal. The company will also have to keep a team of "compliance coordinators" for the next 10 years, which will be selected by the DoC. Since then, the company appears to have signed a preliminary agreement that would see them pay a larger fine and then have the ban lifted.

Those sales of "hundreds of millions of [US] dollars" worth of routers, microprocessors and servers to Iranian entities violated the US's Export Administration Act of 1979, according to the original complaint against ZTE.

The announcement boosted shares in United States component makers including Acacia Communications, Oclaro and Lumentum Holdings.

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