US Commerce Secretary Ross: US strikes a deal with Chinese telecom giant ZTE

Speaking to CNBC this Thursday, the US Commerce Secretary Wilbur Ross said that we have executed a definitive agreement Chinese telecom giant ZTE, which brings us to a conclusion this phase of the development with them.

Here are some key comments made by him on the ZTE deal.

   •  Imposes the most strict compliance measures and create compliance component into the company. Replace entire management and board.
   •  Enforcement is about punishment and disincentivizing bad actors.
   •  $1.0B fine, put $400 million in escrow if they violate the deal.
   •  ZTE deal is separate against China trade issues and not expected to impact China trade talks.