US Lifts Trade Ban On ZTE
(RTTNews.com) - The US Commerce Department has lifted an export ban that blocked Chinese mobile giant ZTE from doing business with US companies.
The ban lift will allow ZTE, China's second-largest telecommunications equipment maker, to resume business with U.S. companies.
The Commerce Department said it lifted the ban after ZTE paid a $1 billion penalty and placed $400 million in a US bank escrow account as part of a settlement reached last month.
Secretary of Commerce Wilbur Ross announced that ZTE has placed $400 million in escrow at a U.S. bank.
"While we lifted the ban on ZTE, the Department will remain vigilant as we closely monitor ZTE's actions to ensure compliance with all U.S. laws and regulations," said Secretary Ross. "Three interlocking elements - a suspended denial order, the $400 million in escrow, and a compliance team selected by and answerable to the Department - will allow the Department to protect U.S. national security."
The $1.4 billion paid under the new settlement agreement are in addition to the $892 million in penalties ZTE has already paid to the U.S government under a March 2017 settlement agreement.
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