ZTE, a Leading Chinese telecommunication, equipment and smartphone company will keep buying components from US firms, according to a report from The Wall Street Journal today. As assured by US President Donald Trump, the seven-year ban will be lifted, but the ZTE will have to make substantial changes in its management and pay even more fines.
The Chinese company was originally fined $900 million for breaching the trade embargo and selling equipment with Qualcomm processors to Iran. While the ZTE paid its fine, it didn’t go through with the second part of the agreement with the US Trade Committee that was to discipline financially 35 employees involved in the incident.
The positive action towards ZTE is part of the ending trade stand-off between the US and China. While the US government will allow the Chinese telecommunications company to continue with its production, the Chinese government will eliminate tariffs on US farm products.
ZTE is presently the fourth biggest smartphone merchant in the US. On monday, the US Treasury Secretary Steven Mnuchin was quoted by CNBC that there was no intent of “putting the company out of business”.
Details on the agreement will be cleared out later this week. From a smartphone point of view, this will most likely bring the Axon 9 and Axon 9 Pro, recently trademarked with the EEU, back in the rumor mill.