ZTE to Pay $1.7 Billion Settlement to Come Back to US

China's ZTE said it ceased major operations last month due to the ban

The fine comes on top of the roughly $1 billion ZTE has already paid for selling equipment to North Korea and Iran in violation of USA sanctions.

The deal could be a harbinger of progress in separate and fraught trade talks between the world's two largest economies although Commerce Secretary Wilbur Ross on Thursday reiterated a denial that there was any connection between the two.

The terms, they said, were in line with Reuters reporting on the us demands Friday.

The agreement includes a $1 billion penalty for ZTE and another $400 million in trust to cover future possible violations.

"We still retain the power to shut them down again", Mr. Ross said. The US Commerce Department is also appointing watchdog officers to monitor ZTE's compliance with US export laws for the next decade. "They will pay for those people, but the people will report to the new chairman", Ross told CNBC.

"The Chinese are well aware there's a new marshal in town", Ross said. Adding to those figures are the $361 million that ZTE already paid in the original settlement from a while back.

The terms outlined by Reuters are similar to the those Trump outlined in a May 25 tweet, saying that ZTE might reopen "with high level security guarantees, change of management and board, [and it] must purchase US parts and pay a $1.3 Billion fine". It appears that the Trump administration is pretty bothered by the fact that ZTE wanted to replace a top executive with one from another company that was also sanctioned by the US government for being a national security threat.

More news: French Open 2018: Maria Sharapova Loses, Men's Play Postponed on Wednesday

A ZTE smart phone is pictured in this illustration photo taken April 17, 2018.

Washington and Beijing have reached a deal to ease sanctions that brought Chinese smartphone maker ZTE to the brink of collapse, the US Commerce Department announced Thursday.

But ZTE warned that the decision amounted to a death sentence on its business, which relies on US parts, and it announced that it was halting operations. That ban's removal is said to have saved the Chinese government-owned ZTE from collapse. He later tweeted the ZTE talks were "part of a larger trade deal" being negotiated with China. But Trump ignored the complaints, pushing Ross to settle the dispute.

Several US lawmakers have warned against easing sanctions on ZTE, citing national security concerns. "After today's decision to give #ZTE a pass, we have introduced a bipartisan amendment to restore penalties on ZTE".

The Democratic senator Chuck Schumer of NY immediately responded to Thursday's announcement: "Despite his tough talk, this deal with ZTE proves the president just shoots blanks".

Senator Chuck Schumer, a leading Democrat, called on Congress to reverse the deal.

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