Skip to content
Subscriber Only

Trump Says China's ZTE to Pay $1.3 Billion Fine to Re-Open

  • President confirms U.S. lifeline for company in tweet
  • Trump faces criticism in Congress for offering reprieve
Bloomberg business news
Trump Administration Reaches Deal to Keep ZTE Afloat
Updated on

President Donald Trump said the U.S. would allow Chinese telecommunications-equipment maker ZTE Corp. to remain in business after paying a $1.3 billion fine, changing its management and board and providing “high-level security guarantees.”

In a tweet Friday evening, Trump confirmed a deal that his administration had outlined for members of Congress, according to two people familiar with the matter. Lawmakers in both parties have expressed concern over his decision to soften an earlier U.S. action against ZTE over what his commerce secretary called “egregious” violations of sanctions on Iran and North Korea.