Caixin
Jul 14, 2018 07:22 PM
BUSINESS & TECH

Back in Business: U.S. Lifts Ban on ZTE But Will Monitor for 10 Years

ZTE advertisements seen at the 2018 World Mobile Congress in Shanghai on June 29. Photo: IC
ZTE advertisements seen at the 2018 World Mobile Congress in Shanghai on June 29. Photo: IC

Embattled Chinese telecom giant ZTE Corp. breathed a sigh of relief after the U.S. government finally lifted its trade sanctions against the firm on Friday.

The U.S. Department of Commerce rescinded its order prohibiting U.S. firms from supplying components to ZTE shortly after the company placed $400 million in an escrow account at a U.S. bank, the final step in meeting U.S. demands under a settlement agreement, according to a statement released on the department’s website.

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