ZTE to Pay a Record Fine to Get Back in Business, U.S. Says
- ‘There’s a new marshal in town’ named Trump, Ross said
- Allowing ZTE to reopen was key China demand in trade talks
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The U.S. reached a deal to allow ZTE Corp. to get back in business after the Chinese telecommunications company pays a record fine and agrees to management changes, eliminating a key sticking point as the two countries try to avert a trade war.
“We still retain the power to shut them down again,” Commerce Secretary Wilbur Ross said Thursday in an interview on CNBC. He said the Commerce Department’s $1.4 billion fine, including $400 million in escrow, brings U.S. penalties between last year and this year to $2.3 billion.