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ZTE will pay $1 billion fine to beat US export ban
Tensions between the US government and Chinese smartphone maker ZTE seem to have abated, at least temporarily. US Commerce Secretary Wilbur Ross told CNBC this morning that the government has "struck a deal" with ZTE to end trade sanctions. The deal includes a $1 billion penalty and a US-picked compliance department that will embed within the company and monitor it going forward. More than that, within the next 30 days, ZTE will have to install a new board of directors and executive suite, whom the compliance committee will report to directly.
