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US ban on China's ZTE lifted

2018-07-16 16:37 by
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The U.S. Department of Commerce on Friday lifted a 7-year ban on Chinese smartphone manufacturer ZTE. Wilbur Ross, US commerce secretary, on Friday lifted an order that had stopped ZTE from purchasing critical equipment from the US, after the company paid a $1.4bn penalty following breaches of US sanctions on North Korea and Iran. 

The seven-year ban was put in place in April and had effectively forced the Shenzhen-based company to halt operations. The ban lasted only 3 months.

"While we lifted the ban on ZTE, the Department will remain vigilant as we closely monitor ZTE's actions to ensure compliance with all U.S. laws and regulations," Ross said. He added that the "interlocking" penalties of the fine, the escrowed funds and "a compliance team selected by and answerable to the Department" will together "allow the Department to protect U.S. national security."

ZTE has done all that was asked of it by the USA, replacing its entire board, adopting compliance measures and accepting US oversight. The end of the affair (for now) is as good for the USA as it is for ZTE, as the Chinese company buys plenty of US-made and/or designed components that it would have been unable to acquire without the deal. 

Read more -here-

 

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