(Reuters) – The United States said on Wednesday that it signed an agreement with ZTE Corp (000063.SZ) that paves the way for the Chinese tech company to resume operations after a nearly three-month ban on doing business with American suppliers.
The ban on China’s No. 2 telecommunications equipment maker will be removed once the company deposits $400 million in an escrow account, the U.S. Commerce Department said in a statement announcing that an escrow agreement had been signed.
The ban on ZTE has been a source of friction between Washington and Beijing, which are engaged in an escalating trade dispute.
ZTE did not immediately respond to a request…