Speaking to CNBC this Thursday, the US Commerce Secretary Wilbur Ross said that we have executed a definitive agreement Chinese telecom giant ZTE, which brings us to a conclusion this phase of the development with them.
Here are some key comments made by him on the ZTE deal.
“¢ Imposes the most strict compliance measures and create compliance component into the company. Replace entire management and board.
“¢ Enforcement is about punishment and disincentivizing bad actors.
“¢ $1.0B fine, put $400 million in escrow if they violate the deal.
“¢ ZTE deal is separate against China trade issues and not expected to impact China trade talks.
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