Trump Strikes Deal With China's ZTE on Sanctions
Trump Strikes Deal With China's ZTE on Sanctions
Published on June 07, 2018 at 02:00PM
The Trump administration struck a deal Thursday with a Chinese telecom that will allow it to do business with U.S. companies even though it violated sanctions. From a report: China's ZTE will pay a $1 billion penalty and will embed a U.S. appointed compliance team, terms that are similar to those President Trump discussed last month when he revealed that Chinese leaders had asked him to look into the matter. "At about 6 a.m. this morning, we executed a definitive agreement with ZTE," Commerce Secretary Wilbur Ross told CNBC in an interview Thursday. "And that brings to a conclusion this phase of the development with them." Trump asked the Commerce Department to investigate the restrictions on ZTE in April following a request from Chinese President Xi Jinping. Commerce imposed a seven-year ban after the company sold American-made products to Iran, a violation of U.S. sanctions.
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Published on June 07, 2018 at 02:00PM
The Trump administration struck a deal Thursday with a Chinese telecom that will allow it to do business with U.S. companies even though it violated sanctions. From a report: China's ZTE will pay a $1 billion penalty and will embed a U.S. appointed compliance team, terms that are similar to those President Trump discussed last month when he revealed that Chinese leaders had asked him to look into the matter. "At about 6 a.m. this morning, we executed a definitive agreement with ZTE," Commerce Secretary Wilbur Ross told CNBC in an interview Thursday. "And that brings to a conclusion this phase of the development with them." Trump asked the Commerce Department to investigate the restrictions on ZTE in April following a request from Chinese President Xi Jinping. Commerce imposed a seven-year ban after the company sold American-made products to Iran, a violation of U.S. sanctions.
Read more of this story at Slashdot.
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Trump Strikes Deal With China's ZTE on Sanctions
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