For the last month, Chinese smartphone giant ZTE has been largely shut down after the Trump administration banned US firms from selling it technology. But now, Reuters is reporting that ZTE has signed a preliminary deal that could allow ZTE to resume operations.
Reviving ZTE has been a personal focus for President Trump, whose government is in the middle of broader trade negotiations with the Chinese government. Last month, Trump tweeted that he was looking for a way for ZTE to “get back into business, fast” because there were “too many jobs in China lost” from ZTE’s shutdown.
According to Reuters, “the preliminary deal includes a $1 billion fine against ZTE, plus $400 million in escrow to cover any future violations.”