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US to lift bans on ZTE

Photo: ZOL

China's telecommunications giant ZTE Corporation has signed an agreement with the US Commerce Department to resume business with its US suppliers, US media reported.

"Once the ZTE has completed the $400 million escrow deposit, BIS will issue a notice lifting the denial order," the department said in a statement on Wednesday.

ZTE was blocked from buying vital components from American companies after the US found it violated trade bans with Iran and North Korea.

The ban, which was imposed in April, caused ZTE to cease almost all of its operations.

Under pressure from Beijing, the Trump administration struck a new deal with the firm last month to end the ban in exchange for an additional fine and a drastic management overhaul.

ZTE did not immediately respond to a request for comment.

The move came just days after the two economic giants imposed tit-for-tat tariffs on $34 billion of goods and threatened to impose much more.

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