ZTE signs agreement with US Commerce Dept for future lifting of ban
ZTE Corp has signed an agreement with the U.S. government, providing for the end of its ban once it has deposited $400 million in an escrow account. ZTE has been banned from buying certain American electronics parts for the past three months, effectively ending its operations in the country. The ban was a penalty for the company for violating US sanctions through sales to Iran and North Korea. Donald Trump has worked to end the ban as part of his negotiating strategy with China, an effort that has received bipartisan opposition for the possible national security threat the company poses. This most recent agreement comes after a previous $1 billion fine the company paid to the US treasury in June. The $400 million will be reserved for any future ZTE violations.