On July 12th, the US Department of Commerce said that the United States has signed an agreement with China’s ZTE Corporation to cancel the ban on US suppliers’ business dealings with ZTE for nearly three months. ZTE will be able to resume operations. The ban will be in ZTE. The United States lifted its $400 million bond.
The U.S. Department of Commerce said on Twitter that the agreement signed on Wednesday set up an escrow account. After ZTE injected a $400 million bond into the account, the ban on the company would be lifted. 'Once ZTE completed $400 million. The deposit deposit, 'The US Department of Commerce said in a statement that it will 'issue a notice to lift the refusal order'.
In an e-mailed statement, a US Department of Commerce spokesperson said: 'ZTE's solution represents the most stringent punishment and strictest compliance system the department has taken in this situation. ' 'It will block The future of bad actors, and to ensure that the department can protect the United States from those who hurt us.'
The US Department of Commerce has adopted a 'three-pronged compliance system' which includes suspension of bans, custody and independent supervision. According to CNET, ZTE has been working with a limited number of US companies within the exemption granted by the Ministry of Commerce last week. Cooperation. The exemption will expire on August 1, when ZTE will meet the requirements of the United States.
400 million custody is part of an agreement reached with ZTE last month. In addition, it also includes a huge fine of 1 billion U.S. dollars and senior management adjustment. At present, ZTE has completed the re-election of executives.
The US Commerce Department said in a statement that ZTE’s actions are a matter of law enforcement and have nothing to do with broader trade policy discussions.