You are here: Home » International » News » Companies
Business Standard

China's ZTE clears hurdle to lifting US ban, agrees to deposit $400 mn

The ban was imposed after ZTE broke an agreement reached after ZTE pleaded guilty in US federal court last year

Zte Us Ban  |  Zte Corp  |  Us China Trade War


The United States said on Wednesday that it signed an agreement with ZTE Corp that paves the way for the Chinese tech company to resume operations after a nearly three-month ban on doing business with American suppliers. The ban on China's No 2 telecommunications equipment maker will be removed once the company deposits $400 million in an escrow account, the US Commerce Department said in a statement announcing that an escrow agreement had been signed. The ban, which was imposed in April and caused ZTE to cease major operations, has been a source of friction between ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Thu, July 12 2018. 07:16 IST