>> The US has reached a deal to save a controversial Chinese telecom, ZTE. It's a stunning reversal for the White House, ZTE was in the crosshairs for selling US components to Iran and North Korea. But a Congressional aide told Reuters on Friday, the White House informed lawmakers of a new agreement with Beijing.
Reuters Washington correspondent, David Shepardson.>> So the Commerce Department briefed members of Congress on a deal that they have reached with ZTE and the Chinese government. That would allow the company to stay in business in exchange for ZTE paying a substantial fine. President Trump said earlier this week it could be as much as $1.3 billion.
Remove the existing management team. Agree to install new American compliance officers to ensure that they continue to abide by US law.>> Last month, the US Commerce Department slapped ZTE with a seven-year US ban. On buying American made components for its phones, the sanctions crippled the company. But Beijing wants Washington to back off the ban as part of trade negotiations and offered to purchase more American made goods.
That trade-off sparking a rare moment of bipartisan disgust.>> Both the House and Senate are on record as expressing serious concerns that both ZTE and Huawei, another Chinese company. May be engaging in improper behavior, potentially spying on Americans through the use of telecommunications equipment.>> But those complaints went largely ignored by the White House.
As Commerce Secretary Wilbur Ross prepares to head to China next week for another round of talks with something Beijing wants. In hopes he can return with what Trump wants.