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BUSINESS & TECH

ZTE Hit by 7-Year U.S. Ban on Tech Exports

In March 2017, ZTE agreed to pay as much as $1.2 billion in fines over allegations that it illegally sold U.S.-made equipment to Iran and North Korea. Above: ZTE Corp.'s stand at the Mobile World Congress in Barcelona on Feb. 23, 2016. Photo: VCG
In March 2017, ZTE agreed to pay as much as $1.2 billion in fines over allegations that it illegally sold U.S.-made equipment to Iran and North Korea. Above: ZTE Corp.'s stand at the Mobile World Congress in Barcelona on Feb. 23, 2016. Photo: VCG

* The denial of export privileges will block American companies from selling components to ZTE

* Shares of U.S. optical-component companies plunged following the announcement

The U.S. Department of Commerce banned Chinese telecom equipment maker ZTE Corp. from exporting components from America suppliers for seven years amid brewing trade tensions between the world’s two biggest economies.

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