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ZTE On Verge Of Signing US Deal

Chinese smartphone and network maker ZTE is reportedly on the verge of signing an agreement that would lift a US Commerce Department ban on buying by US suppliers.

The agreement will allow China’s No. 2 telecommunications equipment maker to get back into business after ceasing major operations, following a ban for illegally shipping goods to Iran and North Korea.

The deal includes a US$1 billion fine against ZTE plus US$400 million in escrow to cover any future violations.

The agreement was drawn up by the US earlier in the week ahead of President Donald Trump’s meeting with trade advisers to discuss China’s offer to import an extra $70 billion worth of American goods as a way to defuse a potential trade war.

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