Commerce Secretary Wilbur Ross reports that the U.S. and China reached a deal that will allow ZTE Corp. to get back to business, ending a nearly two-month shutdown of the Chinese telecommunication giant’s operations, despite a backlash in Washington.
The agreement requires ZTE to pay a $1 billion fine and allow U.S. enforcement officers inside the Chinese company to monitor its actions. In return, ZTE can resume buying components from U.S. suppliers that it needs to make smartphones and build telecoms networks.