US Strikes Deal With Chinese Telecom ZTE: Commerce Secretary - NECN
President Donald Trump

President Donald Trump

The latest news on President Donald Trump's presidency

US Strikes Deal With Chinese Telecom ZTE: Commerce Secretary

ZTE makes smartphones and telecommunications equipment but was banned from purchasing parts from U.S. companies in April

    processing...

    NEWSLETTERS

    US Strikes Deal With Chinese Telecom ZTE: Commerce Secretary
    Miquel Benitez/Getty Images, File
    This Feb. 27, 2018, file photo shows a ZTE stand at the Mobile World Congress, the world's biggest mobile fair, in Barcelona.

    The U.S. has struck a deal to end crippling sanctions on Chinese telecom giant ZTE, Commerce Secretary Wilbur Ross revealed on CNBC Thursday.

    ZTE faces a $1 billion penalty, will host an embedded compliance team chosen by the U.S. and must change its board of directors and executives within 30 days.

    "We are literally embedding a compliance department of our choosing into the company to monitor it going forward. They will pay for those people but the people will report to the new chairman," Ross said.

    ZTE makes smartphones and telecommunications equipment but was banned from purchasing parts from U.S. companies in April.

    Trump Responds to Putin Summit Criticism

    [NATL] Trump Responds to Putin Summit Criticism

    President Donald Trump said Tuesday that he misspoke during his summit with Russian President Vladimir Putin in Helsinki, Finland. Trump said he does "accept" the intelligence community's conclusion that Russia meddled in the 2016 election. Trump also said he needed to clarify that he didn't see a reason why the meddling "wouldn't be Russia." Trump had said the opposite a day earlier, prompting bipartisan backlash.

    (Published Tuesday, July 17, 2018)