Published: Fri, June 08, 2018
Markets | By Noel Gibbs

Chinese smartphone giant ZTE to pay $1bn fine in US

Chinese smartphone giant ZTE to pay $1bn fine in US

The decision amounted to a death sentence to ZTE, which relies on us parts and which announced that it was halting operations. And the company will be required to host and pay for a US-selected compliance team that will oversee the company's compliance over the term of the agreement. "And that brings to a conclusion this phase of the development with them", Ross said.

"This is a pretty strict settlement ..." "These collectively are the most severe penalty" the US has ever imposed on a company, Commerce said in its statement. But ZTE's troubles come at a complicated moment.

"It's up to Congress now to act to reverse the deal". A proposal by Sen.

A bipartisan contingent of senators wants to use the defense authorization to restore penalties against Chinese telecommunications firm ZTE that were eased Thursday morning.

He was reassured that the deal allows for embedded monitors - likely, retired American government officials - to "be the eyes and the ears of the USA government to make sure ZTE did not continue to be an espionage arm of the Chinese government". The company will still pay a $1 billion fine on top of the $895 million it paid in 2017 from the original $1.19 billion fine.

Derek Scissors, a resident scholar at the American Enterprise Institute, a Washington think tank, said that even if compliance officers were allowed into ZTE, they wouldn't prevent China from violating sanctions. The ban also hurt American companies that supply ZTE. That ban's removal is said to have saved the Chinese government-owned ZTE from collapse.

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Trump argues that bilateral trade deficits reflect bad deals for the US that need to be rewritten. "And they would continue their intelligence gathering around the world", Cornyn told reporters Thursday. "This is unprecedented - to have another government go to the US government and have the president agree to make a change in exchange for something else".

In a tweet posted May 14, Trump said the new ZTE deal was "reflective of the larger trade deal we are negotiating with China". Any violation can let the USA reimpose sanctions.

The news comes as Trump presses ahead with plans to impose as much as $50 billion in tariffs on Chinese imports to punish Beijing for its alleged theft of American technology and know-how.

ZTE's survival has been a topic of discussion in high-level US-China trade talks.

Chinese telecommunications giant ZTE agreed to pay a $1 billion fine and submitted to the strictest compliance measures ever issued by the Commerce Department on June 7 in order to regain access to US technology crucial to its business.

Kennedy expects the Chinese government to keep negotiating that part of the deal.

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With the ZTE matter resolved, the deal may advance.

Shares in NXP Semiconductors NV rose 4.9 percent in NY after news of the ZTE deal was announced. The ban crippled the company, and it ceased "major operating activities" one month later.

"It doesn't really move the ball forward on the deeper structural issues in U.S".

"That to me seems like an aspirational goal", said Scott Kennedy, director of the Project on Chinese Business and Political Economy at the Center for Strategic and International Studies. That left a US deficit of more than $375 billion. It seems the war of words between the United States and China is moving to a war on trade and a ... The Pentagon earlier this month ordered retail outlets on US military bases to remove from the shelves smartphones made by the two companies.

ZTE also did not immediately respond to requests for comment. Trump obliged and ordered the Commerce Department to work on a deal. But the Chinese worry that Trump won't stick to any agreement. Ross has noted that the United States is finally pushing back.

Thursday's agreement was "a prerequisite for making broader progress", DeBusk said. "No decision has been reached by both sides as of now", Kudlow told reporters.

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But the prospect for a meeting reemerged last week, following a flurry of diplomatic activity between the US and North Korea. He said he does not expect his words to hurt the North Korean leadership so much that they walk out from the summit.

But he declined to confirm reports that China had offered to increase agriculture and energy imports by $70 billion, as Reuters news agency has reported.

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