>> The Chinese tech giant caught up in Donald Trump's trade fight with Beijing has been saved from the brink. ZTE was given a lifeline from the White House on Thursday after the company agreed to pay up a billion dollar fine and shake up it's top management and board.
In return, a US sales ban on ZTE is lifted. And it can do business with American suppliers. ZTE is China's number two device maker. Selling everything from smartphones to smart home appliances. The ban came in April after ZTE was found lying about its compliance with US sanctions on Iran and North Korea.
ZTE then ceased major operations almost straight away. In addition to the fine and top level overhaul, the deal will have ZTE place $400 million in escrow, those funds are designed to protect against any future violations by ZTE. Wall Street responded well to the deal, shares of US companies who deal with ZTE rose after the announcement, but reaction in Congress was mixed.
Some US law makes it immediately slumps trumps over the deal democratic Adam Schiff a member of the house intelligence community said on Twiter Trump had caved on the deal. Asking if president is so desperate for a deal that he is willing to put Chinese jobs ahead of US national security?