Today's action marks the end of a years-long saga that started when ZTE was caught selling equipment to North Korea and Iran in violation of a U. With these steps complete, the U. Commerce Dept. In the meantime, the government has granted ZTE a one-month waiver allowing it to resume providing support for its products for the month of July. The deal to lift the ban was announced last month, and has President Trump's strong support.
In Congress, the Senate version of a pending defense-policy bill would override the Commerce Dept. The House version of the bill does not contain that language, a difference that remains to be reconciled. ZTE is nearly ready to install a new board of directors, a step required by the U. Department of Commerce if the company wants to end the ban on U.
The company held its annual general meeting in Shenzhen this week where shareholders voted on this and other matters. ZTE is expected to name eight new members to its board. In addition to the new board, the Commerce Department wants all executives at or above the senior vice president level to be fired, along with any execs who played a role in the wrongdoing. ZTE will also have to put in place a U. Even if it does, it is unclear when the company might be allowed to get back to business.
A number of senators and congressmen want the ban to remain in place. Since the ban went into effect, ZTE has been largely idle. The new board may be voted in as soon as today. Department of Commerce. The fine is part of a new agreement the company reached with the government in an attempt to end the destructive ban that prevents it from buying U. The company was punished for breaking a settlement over illegal sales to Iran and North Korea.
ZTE misrepresented to U. The new agreement was brokered by the Trump administration, but it is encountering resistance from members of Congress.
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It's unclear if or when the Trump administration and Congress will reach a final agreement over the company's fate. ZTE will be the topic of discussion at a meeting today between President Trump and members of the Senate and House of Representatives, reports Reuters. The administration and lawmakers have different viewpoints on what to do with ZTE. The company was caught lying about a settlement over exports to Iran and North Korea in violation of sanctions. As a result, the Department of Commerce banned U. The ban has effectively put ZTE out of business, as it is unable to buy the components it needs to make phones.
The Trump administration wants the ban lifted and the Commerce Department agreed to a new fine along with required management changes at ZTE.
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Members of the Senate and House, however, contend that ZTE's punishment was fair and should be upheld. Despite the Commerce Department agreement, Senators added language to the NDAA that keeps the sanctions in place, putting it at odds with the Trump administration. The White House confirmed that the meeting will take place, but did not specify the attendees.
The Senate approved legislation that would see the ban against ZTE remain in place. ZTE was sanctioned for violating the terms of a settlement agreement over unlawful sales to Iran and North Korea. Beginning in April, the company was cut off from U.
The company has largely been idle since. It's unclear how the Senate, House, and President will resolve the issue. This spec is for 5G networks that are developed on their own, apart from legacy or pre-existing networks. The spec was approved by more than delegates from the world's leading carrier, handset, and silicon vendors. ZTE's roller-coaster ride with the U.
The Senate may vote on legislation this week that would negate the Trump administration's deal to get ZTE back to work. The ban will remain in place until ZTE makes the payments, which it has yet to do. Reuters says the measure could be added to non-controversial portions the NDAA, or areas that don't come under heavy debate in the Senate.
If the measure is passed in the Senate, it would have to be reconciled with the House of Congress' version of the NDAA and later signed by the President. In addition to the fine, ZTE must change its entire board of directors within 30 days. Further, the U.
We are literally embedding a compliance department of our choosing into the company. Analysts believe the company has lost billions of dollars during the shutdown, amidst soured relationships with partners and customers. ZTE was punished for violating the terms of an earlier settlement that was put in place after it was caught selling parts to Iran and North Korea.
ZTE has agreed to preliminary terms with the Commerce Department that will eventually allow it to get back to business. The company has effectively shut down in the wake of a Commerce Department ban that prevents the company from using U. The company has taken job responsibilities away from select executives, filed official letters of reprimand, and is attempting to take back bonuses paid to some execs, says the Wall Street Journal. ZTE will also have to pay a sizable fine. The deal is not final and is still under review from the Trump administration, which has used the company's plight to invigorate trade talks with China.
Even if a deal is struck and ZTE resumes operations, it is facing steep challenges due to disgruntled customers. Moreover, T-Mobile has walked away from a distribution deal worth more than a billon dollars, according to the Journal, thanks to ZTE's inability to supply it with phones and other gear. ZTE was the fourth-largest supplier of phones in the U. It's not clear if or when a deal might be fully signed and put into effect. ZTE may have to agree to a heavy fine and sweeping management changes if it wants to resume operations.
The company may also be required to bring in a wholly new management team.
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The company ceased major operations in May. Sources cited by Reuters indicate that final terms of the settlement are not set and may change. Despite the Trump administration's work to get ZTE back in business, some senators believe ZTE represents a security threat and deserved the punishment.
They are working to keep the ban in place. The Commerce Department has brokered a deal that will allow ZTE to resume operations as long as it agrees to pay a substantial fine, submit to American compliance officers, and wholly change is management team. The Commerce Department socked ZTE with the ban last month after it discovered the company misrepresented actions concerning a previous settlement agreement. Some U. Sources cited by the Wall Street Journal and Reuters suggest the negotiations are close to complete, but not finalized. Under the framework of the new deal, ZTE will have to pay a penalty and largely change the makeup of its board of directors and other leadership posts.
The company was banned from using components and software from the U. As a result, ZTE has largely been put out of business. The company has some 75, employees, mostly in Shenzhen, China. The talks come as President Trump's administration tries to hammer out a broader trade deal between the U.
Some congressmen are not happy with Trump's stance, as the Commerce Department believes its action was a fair penalty for illegal behavior. Republican Senator Marco Rubio blasted Trump's moves.
But this is too important to be over. We will begin working on veto-proof congressional action," he argued via Twitter. Specifically, the amendment prevents the U.
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Other aspects of the Trump deal with China would see cuts in import tariffs for cars and car parts, and a change in the amount of U. None of the parties involved commented on the matter, as any deal to lift the ban against ZTE has not been finalized. The amendment voted on by the house will "prevent a foreign company that is beholden to its government — and that ignores embargoes — from infiltrating the devices and networks that are now indispensable to American life," said Rep.
Dutch Ruppersberger D-Md. Rosa DeLauro D-Ct. Security, not trade, is the issue, say a handful of Senators who today pushed back against President Donald Trump's efforts to help ZTE. Department of Commerce banned American companies from supplying ZTE with parts or software for a period of seven years.
ZTE precipitated the ban by bungling a settlement agreement over its illegal sale of technology to Iran and North Korea. The company ceased most operations earlier this month. Over the weekend, Trump tweeted in support of ZTE. He suggested that too many jobs were being lost in China and he wanted to help the company get back in business quickly. Speaking Tuesday, Republican and Democratic Senators suggested that Trump's approach is not the right one. Thornberry indicated that he doesn't expect the Commerce Department will remove the ban.
Trade emissaries from China and the U. OnePlus has an unusually confusing array of different "flagship" phones available right now, but the 7T is the newest mainstream model for most people. It's still quite high-end, but for a reasonable price and without some of the crazier features of the new Pro models, which most people don't need anyway.