China and the United States reach an agreement on zte
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ZTE has not lived through the easiest weeks of its existence. The Chinese phone brand has been embroiled in a scandal in America, for which it has suffered an embargo, for which they could not use American components. This forced the company to stop its activity completely, putting its future in jeopardy. After a few weeks of negotiations, there seems to be an agreement.
China and the United States reach an agreement on ZTE
The United States and China have been having talks about this embargo and looking for a solution so that the company could continue with its activity. Even Trump was in favor of a deal, which has finally come.
Agreement for ZTE
The Secretary of American Commerce Ross has been in charge of announcing that a definitive agreement has been reached. Therefore, the embargo to which the company was subject will come to an end. A relief for the firm that will be able to continue with its normal activity soon. Although, ZTE does not go out of its way, because they will have to pay a significant fine.
Since the Chinese brand will have to pay a fine of $ 1 billion and another $ 400 million to prevent future violations in this regard. In addition, the company has a total of 30 days to completely renew its board of directors. So these are tough conditions for the firm, but that would allow them to continue operating worldwide.
The deal for ZTE has already been announced, but it is not known when it will take effect. Hopefully the brand will offer some reaction and we will know more about it soon.
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