(Jacqueline Thomsen – The Hill)
Commerce Secretary Wilbur Ross said Thursday that the U.S. had reached a deal to lift sanctions on Chinese telecommunications firm ZTE.
“At about 6 a.m. this morning, we executed a definitive agreement with ZTE. And that brings to a conclusion this phase of the development with them,” Ross said in an interview on CNBC’s “Squawk Box.”
Ross said that the Commerce Department will impose a $1 billion penalty against the telecommunications giant and that a U.S.-selected compliance team will be added to the firm.
“We are literally embedding a compliance department of our choosing into the company to monitor it going forward. They will pay for those people but the people will report to the new chairman,” he said. Click here to read more.