No agreement yet between US, China on ZTE: Trump aide

ZTE has reportedly made an agreement with the U.S. to lift Denial Order

In May, the Pentagon banned ZTE and Huawei products from being sold on military bases.

"We will closely monitor ZTE's behaviour", Ross said in a statement. "If they commit any further violations, we would again be able to deny them access to USA technology as well as collect the additional $400 million in escrow".

However, Commerce Department spokesman James Rockas told Reuters that "no definitive agreement has been signed by both parties".

Said "violator" needs to pay a penalty of a whopping $1 billion up front, also being required to put an additional $400 million in escrow as collateral for any prospective future breaches of trade laws. The White House didn't respond to a request for comment. The company will also have to hire a USA compliance team and will replace its board of directors.

In return, the United States will be suspending - but not removing - the United States technology export ban that has caused the company to grind to a halt to begin with. Its R&D centers are in China, the U.S., Europe, Japan and Canada.

Rubio alluded to Trump's steel tariffs, but the Florida senator hasn't been more vocal since Trump levied those - an issue that is playing out in Florida. "But it will do nothing to keep us safe from corporate & national security espionage".

Commerce Secretary Wilbur Ross celebrated the deal and pledged that it would impose "the most strict compliance that we've ever had on any company, American or foreign".

U.S Senate Democratic leader Chuck Shumer quipped, "By letting ZTE off the hook, the president who roared like a lion is governing like a lamb when it comes to China". That ban's removal is said to have saved the Chinese government-owned ZTE from collapse.

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Several U.S. chipmakers, including Qualcomm and Intel, count ZTE as a customer. The company pleaded guilty in U.S. District Court in Texas previous year.

Federal officials have always been suspicious of ZTE and Huawei, both based in Shenzhen, which is just over the border from Hong Kong. Building and maintaining a 5G network in the US may create 3 million jobs and provide a $500 billion boost to GDP, according to a 2016 Accenture report.

ZTE has reportedly reached an agreement in principle with the Trump administration to lift the Department of Commerce's ban on American companies selling equipment to the Chinese telecommunications giant.

But it came shortly after Chinese officials offered to buy an additional $70 billion in USA goods to cut the trade deficit, moving toward meeting one of Trump's central demands on trade.

US companies such as Acacia and Lumentum had been barred from selling devices to ZTE, China's second-biggest telecom gear maker behind Huawei. USA officials reached a deal on June 7, 2018, to ease sanctions that threatened to cripple Chinese smartphone maker ZTE, Ross said.

A sign of ZTE Corp is pictured at its service centre in Hangzhou, Zhejiang province, China May 14, 2018. Its global smartphone market share is about 11 percent, and its total revenue was about $92 billion in 2017.

Since the decision came into force last month, President Donald Trump has appeared to open the door on a compromise after announcing on Twitter that he would help the group "get back into business".

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