Chuck Schumer Rips Trump Amid Reported ZTE Deal

ZTE signs preliminary agreement to lift US ban

ZTE signs preliminary agreement to lift US ban

Their function will be to monitor on a real-time basis ZTE's compliance with us export control laws.

The preliminary deal includes a $1 billion fine against ZTE along with $400 million in escrow to cover any future violations, said sources aware of the development. "That money will be forfeited if they violate anything. and we still retain the power to shut them down again".

The compliance team will be in place for 10 years and monitor "on a real-time basis" ZTE's compliance with United States export control laws, the Commerce Department said in a release announcing the settlement.

According to a Commerce Department filing from April, ZTE never reprimanded its 35 lower-level employees, and worse, it made false statements to the Department about its compliance. "And that brings to a conclusion this phase of the development with them", Ross said.

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"This is a pretty strict settlement", he added.

Today, BIS is imposing the largest penalty it has ever levied and requiring that ZTE adopt unprecedented compliance measures.

U.S. President Donald Trump planned to meet with his trade advisers on Tuesday to discuss China's offer to import an extra $70 billion of American goods over a year as a way to defuse a potential trade war between the world's two largest economies.

Update: As of June 7th, ZTE and the U.S. government have officially reached a deal which will enable the Chinese manufacturer to stay in business.

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U.S. Secretary of Commerce Wilbur Ross confirmed to CNBC that the U.S. government has reached an agreement with ZTE to lift the crippling supply ban imposed on April 16. As a result, the Commerce Department enacted a seven-year sanction on ZTE, which was part of the initial guilty plea but suspended, pursuant to ZTE carrying out the other steps it promised.

The Congress members who introduced the bill, as well as the intelligence agencies that flagged ZTE and Huawei hardware as risky, believe that Chinese devices could contain spyware and backdoors that could be a threat to national security. But Trump ignored the complaints, pushing Ross to settle the dispute.

DWYER: On Twitter, Republican Senator Marco Rubio said the deal does nothing to keep the USA safe from corporate and national security espionage.

A bipartisan group of Senators introduced legislation on Thursday that would restore the prior penalties.

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The Democratic senator Chuck Schumer of NY immediately responded to Thursday's announcement: "Despite his tough talk, this deal with ZTE proves the president just shoots blanks".

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