U.S. Commerce Department Lifts Ban on Chinese Telecom Giant ZTE

The Commerce Department has officially lifted a ban on Chinese telecom giant ZTE. The move came after ZTE deposited $400 million in escrow into a U.S. bank Friday as part of a deal reached in June, allowing ZTE to resume operations by paying a $1 billion fine and replacing top management. The United States had imposed tight restrictions on the company in April, citing sanctions violations. But President Trump reversed that decision in May and pressed the Commerce Department to ease the ban, which prohibited U.S. companies from selling parts to ZTE, bringing the company’s business to a virtual standstill. ZTE’s close ties to the Chinese government have also attracted the suspicion of U.S. lawmakers, who attempted to block Trump’s push to lift the ban.

SOURCE: The Daily Beast