World Economy

Trump Says ZTE to Pay $1.3 Billion Fine to Reopen

Trump Says ZTE to Pay $1.3 Billion Fine to ReopenTrump Says ZTE to Pay $1.3 Billion Fine to Reopen

President Donald Trump said the US would allow Chinese telecommunications-equipment maker ZTE Corp. to remain in business after paying a $1.3 billion fine, changing its management and board and providing “high-level security guarantees”, Bloomberg reported. Lawmakers in both parties have expressed concern over his decision to soften an earlier US action against ZTE over what his commerce secretary called “egregious” violations of sanctions. Trump took a jab at Democrats in his tweet, saying that Senate Minority Leader Chuck Schumer and former president Barack Obama “let phone company ZTE flourish with no security checks.” Under the deal for ZTE to resume operations, it will also hire American compliance officers to monitor its operations according to the people, who spoke on condition of anonymity. Once ZTE complies, the commerce department will lift an order under which the company had been cut off from US suppliers including Qualcomm Inc., effectively shutting down its business.

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