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Trump administration reaches deal to keep China's ZTE in business: Source

In return, the US Commerce Department will lift a seven-year ban on ZTE buying components from US companies

Press Trust of India  |  Washington 

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The administration has told it's reached a deal that would allow Chinese Corp. to stay in business, said a source familiar with the talks who spoke on condition of anonymity to discuss a confidential matter.

Under the agreement, will oust its management team, hire American compliance officers and pay a fine on top of $1 billion it's already paid for selling equipment to and in violation of US sanctions.

In return, the will lift a seven-year ban on buying components from US companies. The ban, imposed earlier this month, threatened to put ZTE out of

Democratic Sen. of criticized the reported deal: "would be helping make great again.

First Published: Sat, May 26 2018. 12:14 IST
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