KXIP vs KKR Live Score

USA senators planned legislation on Thursday that would roll back an agreement President Donald Trump's administration announced to ease sanctions on Chinese telecommunications company ZTE Corp.

US companies provide an estimated 25 to 30 percent of components in ZTE's equipment, which includes smartphones and gear to build telecommunications networks. Commerce Department spokesman James Rockas told Reuters on Tuesday that "no definitive agreement has been signed by both parties".

In addition to the new fine, on top of the $892 million paid to the USA government from a previous settlement, the company must also place $400 million in an escrow account with the Bank for International Settlements (BIS).

The penalties are in addition to the $892 million in penalties ZTE already paid to the USA government under a March 2017 settlement agreement. Trump has countered that USA companies were also hurt by the ban because they could no longer sell parts to the firm.

Still, the resolution of the ZTE case may clear the way for the United States to make progress in its trade talks with China.

Trump asked the Commerce Department to investigate the restrictions on ZTE in April following a request from Chinese President Xi Jinping.

"We are literally embedding a compliance department of our choosing into the company to monitor it going forward", Ross said. 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 USA government for being a national security threat.

Alex Ovechkin poses with Stanley Cup, wife Nastya shows off baby bump
He reached the 40-goal mark for the ninth time , capturing his seventh Maurice "Rocket" Richard Trophy . Which isn't to say the feat is impossible - every championship team has brutal hurdles to clear.


ZTE will also be required to replace its management board within 30 days.

And last week, the Daily Beast reported that a day after the president said he wanted to help ZTE, the tech company hired the Mercury Public Affairs firm to lobby on its behalf in Washington.

"Today, [the Bureau of Industry and Security] is imposing the largest penalty it has ever levied and requiring that ZTE adopt unprecedented compliance measures".

For the last month, Chinese smartphone giant ZTE has been largely shut down after the Trump administration banned U.S. firms from selling it technology.

Over recent weeks, the Trump administration has held talks with officials in Beijing to save the telecom company. It was blocked from purchasing parts from US companies, sanctions that had crippled the company.

Critics like senator Marco Rubio have criticized the Trump administration's willingness to cut a deal with ZTE, saying it undercuts U.S. national security. ZTE paid 190 million dollars for such violations, but the dispute continued because the Commerce Department alleged that the company cheated the regulators and did not sanction the employees who authorized the transactions.


COMMENTS