US Suspends Tech Ban In Exchange For Record Fines & US Oversight

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Update: As of June 7th, ZTE and the United States government have officially reached a deal which will enable the Chinese manufacturer to stay in business. The $400 million escrow likely includes those suspended funds, according to Doug Jacobson, a trade Washington, D.C., trade attorney. In 2012, the U.S. House Intelligence Committee said the companies posed a national security threat and advised regulators to block any of the companies' mergers or acquisitions in the U.S. "If they commit any further violations, we would again be able to deny them access to U.S. technology as well as collect the additional $400 million in escrow".

ZTE ceased major operations in April, and a seven-year ban was imposed on the company for breaking a 2017 agreement by illegally shipping goods to Iran and North Korea. That violation was settled in March previous year, with the company agreeing to pay an $892 million fine and place $300 million in escrow.

"This deal is a loser for American security and a loser for American workers".

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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". It has enjoyed the backing of Chinese President Xi Jinping, who has been negotiating with Trump over a broader trade agreement. Mei Xinyu, a researcher with a Ministry of Commerce think tank, said a deal would ease tensions.

It was introduced by Senate Democratic Leader Chuck Schumer and fellow Democratic Senator Chris Van Hollen, as well as Republican Senator Tom Cotton, a close Trump ally who has emerged as one of his party's most influential foreign policy voices. Any violation can let the U.S. reimpose sanctions. Today, commerce secretary Wilbur Ross told CNBC that the United States struck a deal with ZTE to return it to business.

Total US penalties imposed on ZTE now amount to $2.3 billion, according to the Commerce Department.

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But last month, President Trump tweeted that "too many jobs in China" were being lost because of the USA action and that he had instructed the Commerce Department to find a solution.

The US government will let ZTE use American-made electronics again, as the result of a settlement following the Chinese smartphone-maker exporting technology to Iran and North Korea. Ross was in Beijing over the weekend for high-level talks.

Trump has threatened to slap tariffs on at least $50 billion in Chinese imports shortly after publishing a final list of targets on June 15. The exact list of items has not yet been finalized.

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