Chuck Schumer Rips Trump Amid Reported ZTE Deal

Chuck Schumer Rips Trump Amid Reported ZTE Deal

Chuck Schumer Rips Trump Amid Reported ZTE Deal

Early reports claimed that ZTE had already signed an agreement with the United States with these terms, but a spokesperson in touch with Politico says that "no definitive agreement has been signed by both parties".

The sources requested anonymity because they were not authorized to publicly discuss the matter. "This new settlement agreement sets another record, and brings the total penalties assessed on ZTE to $2.29bn".

The Trump administration yesterday announced a deal to allow the telecommunications company to resume buying from USA companies, eliminating a key sticking point for the two nations in their talks on trade. Published reports suggested that the ZTE ban had become a bargaining chip in the Trump Administration's trade negotiations with China.

ZTE has promised to replace its board and executive team as part of the deal. Marco Rubio tweeted the the deal "will do nothing to keep us safe from coporate and national security espionage".

"There is absolutely no good reason that ZTE should get a second chance and this decision marks a 180-degree turn away from the president's promise to be tough on China", Chuck Schumer, the Senate's top Democrat, said in a statement.

That was a serious problem for ZTE because the company is heavily dependent on USA components for its smartphone business.

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Washington and Beijing have reached a deal to ease sanctions that brought Chinese smartphone maker ZTE to the brink of collapse, the US Commerce Department announced Thursday.

Shenzhen-based ZTE has a subsidiary in Richardson, Texas. It agreed to pay $890 million in fines, dismiss four employees, and discipline 35 others by either denying them their bonuses or reprimanding them. It appears that ZTE could be "back in business" after being consigned to the technological wasteland for breaking last year's deal concerning illegal telecom shipments to Iran and North Korea. The move was a direct result of ZTE selling to Iran and North Korea in direct violation of an April 2017 agreement that had ZTE promise to not sell to the aforementioned countries. The measures put ZTE in such dire straits that some thought it could go out of business.

The US Commerce Department is also appointing watchdog officers to monitor ZTE's compliance with US export laws for the next decade.

Since then, President Trump and his friends have stepped in to help ZTE stay alive, even though there is bipartisan agreement that the United States shouldn't.

The decision amounted to a death sentence to ZTE, which relies on U.S. parts and which announced that it was halting operations.

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