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Agreement between Chinese tech company ZTE and U.S. Commerce Department

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After President Trump asked the U.S. Commerce Department to find an agreement to save ZTE Corp., an agreement has been found.

It all started when an investigation found out that ZTE was doing business with Iran and North Korea by sending U.S. products.

Despite the opposition of several members of congress, mostly Democrats, but also many Republicans, that are accusing Trump of bending under Chinese pressure, ZTE will be able to trade with American companies. ZTE was banned from doing any business with the U.S. since April 15th and has lost $3 billion.

ZTE will have to pay a $1.3 billion fine to the U.S. in addition to a $900 million fine they already paid last year.

Part of the deal, aside from the fine, includes a change in management and will have to get parts from U.S. suppliers.

The situation between ZTE and the U.S. Administration created some tensions as ZTE is the second tech company in China and employs 70,000 workers.

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