White House seems to have reached a deal to save ZTE

May

27

2018

Insiders from the Trump government have announced that a deal has been reached whereby the telecom company ZTE will be rescued from bankruptcy. The company would have to pay a fine and hire US employees to check the company.

The news was shared by the New York Times . According to the terms of the deal, ZTE would be allowed to trade with American companies again, provided the company pays a large fine and accepts US compliance officers . These employees must check that the company does not go over the letter again.

Last month , the United States imposed a ban on American companies to supply components to ZTE. The company would have circumvented US sanctions by delivering products to Iran. The ban would last for seven years.

ZTE has previously indicated that US sanctions threaten the company ‘s survival . After all, the company is largely dependent on American suppliers for its business operations, such as Qualcomm. This is why ZTE halted its activities earlier this month.

Last week, it was announced that US President Donald Trump is working with Chinese President Xi Jinping to bring ZTE back into operation . The company would have lost at least $ 3.1 billion by the sanctions.

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