US lifts export ban on suppliers to Chinas ZTE

16 Julio, 2018, 07:00 | Author: Arnold Perez
  • US lifts export ban on suppliers to Chinas ZTE

A short time ago, ZTE was forced to shut down more than half of its operations in the U.S after the U.S Department of Commerce banned the company from importing US-made components. The Trump administration said that ZTE had lied to USA officials about punishing employees who violated U.S. sanctions against North Korea and Iran.

The senators not only requests that the penalties be reinstated, but that the USA henceforth prohibit all government and military personnel from "using or procuring equipment from, or entering into contracts with ZTE or Huawei", because of the potential espionage threat which the companies pose. He recently wrote to the administration urgingPresident Trump to re-consider a deal with the China-based company.

A group of Republican and Democratic U.S. senators on Thursday sent a letter seeking to reinstate penalties on ZTE Corp.

ZTE's US -listed shares fell 2.4 percent to $3.70 on Friday.

ZTE paid US companies more than $2.3 billion in 2017, including Qualcomm Inc, Intel Corp, Broadcom and Texas Instruments Inc.

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It will now operate with a 10-year suspended ban hanging over its head, which the United States can activate if it finds new violations.

ZTE has replaced its board of directors and senior management, as required by the June settlement, the Commerce Department noted. Last month, the Senate voted unanimously to reinstate the ban on the company citing national security concerns.

The U.S. Senate included a provision to reverse the deal in a massive defense policy bill passed last month. Earlier this year, intelligence leaders testified before the Senate Intelligence Committee warning that ZTE, Huawei, and other Chinese state-directed telecommunications companies have the capacity for espionage and intellectual property theft, posing clear threats to the national security, people, and economy of the United States.

In a statement this week, Senator Mark Warner of Virginia, the senior Democrat on the Select Committee on Intelligence, lambasted the reversal, saying the USA military and spy agencies had branded ZTE an "ongoing threat" to United States national security.

Shares of ZTE in Shenzhen also surged by the maximum daily 10 percent following the announcement of the news. Its fate is unclear.

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