Home Business News US cuts a deal with China’s ZTE

US cuts a deal with China’s ZTE

7th Jun 18 3:20 pm

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US Commerce Secretary Wilbur Ross announced today that Washington had reached a deal with ZTE Corp that would lift a ban on buying from US suppliers.

Ross said the deal was struck at around 6am ET today, and it will impose “the most strict compliance that we’ve ever had on any company, American or foreign.”

The deal involves ZTE changing its board and management within 30 days and paying a $1 billion fine and putting $400 million in escrow, among other conditions, Ross told CNBC, adding that he did not think the arrangement would have any effect on tariff talks with China.

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