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Chinese telecom firm ZTE to pay US$1 billion fine to lift U.S. sanctions

2018-06-08 1 Dailymotion

The Trump administration has announced that it has struck a deal with Chinese telecom giant ZTE to end crippling U.S. sanctions. <br /> The agreement, announced by Commerce Secretary Wilbur Ross on Thursday, includes the firm paying a one billion dollar fine to lift a ban on doing business with American suppliers. <br />ZTE is also required to overhaul its leadership within a month. <br />The company paid a fine last year for evading U.S. sanctions by doing business with North Korea and Iran. <br />It also angered U.S. regulators after it lied about disciplining the employees responsible for the sanction breach. <br /> Thursday's deal has angered U.S. lawmakers on both sides of the aisle and they are working on legislation to roll back the agreement. <br />

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