China's ZTE clears hurdle to lifting U.S. ban

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(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.

FILE PHOTO: The logo of China’s ZTE Corp is seen on the building of ZTE Beijing research and development center in Beijing, China June 13, 2018. REUTERS/Jason Lee

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.

FILE PHOTO: The logo of China’s ZTE Corp is seen at the lobby of ZTE Beijing research and development center building in Beijing, China June 13, 2018. REUTERS/Jason Lee

ZTE did not immediately respond to a request…



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