Ross called ZTE's actions a "world-class embarrassment", and said that the USA deal with ZTE imposes the "most strict" compliance ever on any company. ZTE relies on USA parts and the ban also hurt ZTE's us suppliers.
The US has reached an agreement to lift sanctions on Chinese telecom equipment maker ZTE, Commerce Secretary Wilbur Ross said Thursday.
In total, the USA will collect $1.7 billion from the Chinese phone company for violating sanctions against Iran and North Korea. The preliminary agreement was signed by ZTE over the weekend, but the Chinese company has yet to sign the amended settlement agreement.
Chinese telecoms company ZTE will likely continue to exist, thanks to a deal brokered between it and the United States government today. Commerce Department spokesman James Rockas told Reuters on Tuesday that "no definitive agreement has been signed by both parties".
USA top court rules for baker in gay wedding cake case
Every Supreme Court term, there is at least one case that gets people's blood up. He appealed the state's decision, but lost in the Colorado courts.
U.S Senate Democratic leader Chuck Shumer quipped, "By letting ZTE off the hook, the president who roared like a lion is governing like a lamb when it comes to China". Shenzhen-based ZTE has a subsidiary in Richardson, Texas. So the USA went nuclear on ZTE, imposing a seven-year ban on U.S. companies selling technology to the Chinese firm. These were chips and components made in America that ZTE uses to make its radio equipment.
Those measures had threatened to put ZTE out of business.
As part of a new agreement, the sources said, ZTE will retain another compliance contractor in addition to the three-year court-appointed monitor imposed by the plea agreement. Under the terms of its guilty plea, ZTE paid $890 million in fines, and agreed to fire some senior staff, and strip bonuses from 35 others. This compromise would allow the company to once again use USA -made components in their products-although at a large cost.
Oclaro shares are up 1.1%.