ZTE will soon be able to buy parts from the United States again after reaching a deal with the Trump administration, the Commerce Department announced this morning. The deal ends the export ban that was instituted by the Department of Commerce in April after ZTE failed to uphold a plea agreement for violating sanctions against shipping US equipment to Iran and North Korea.
As part of the deal, ZTE will be fined $1 billion by the Department of Commerce, and a new, United Stated-selected compliance team will be embedded at ZTE for 10 years to ensure similar violations won’t occur in the future. ZTE will also have to change both its board of directors and executive leadership sometime within the next 30 days. The Commerce Department says it...
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