The Trump administration has reached a deal with China’s ZTE in which the telecoms equipment maker will pay out $1.4bn in return for the lifting of a ban that prevents it buying US components — handing Beijing a key concession as tense trade talks continue.
Wilbur Ross, US commerce secretary, said a final deal had been signed with ZTE over its violation of sanctions on Iran and North Korea. It came after US president Donald Trump last month unveiled the outlines of an agreement.
The move followed growing criticism within the Republican party of the president’s handling of trade talks with China and attempts by some in Congress to rein in his authority to impose tariffs on the EU, Canada and other allies in the name of national security.
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