Jun 05 AT 3:58 PM Evan Selleck 0 Comments

ZTE and U.S. reportedly sign agreement in principle to get business running again

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ZTE’s troubles might be coming to an end, just six months into 2018, after U.S. companies were banned from exporting goods to China-based ZTE.

After that ban, it didn’t take long before ZTE announced that it was ceasing its main business operations due to the fact it couldn’t work with companies like Qualcomm to supply necessary parts for its smartphones. However, by the end of May it was being reported that the United States and Chinese governments were working together in an effort to get ZTE back up and running.

And it turns out that something was agreed upon. According to a report from Reuters, ZTE and the U.S. have signed an agreement in principle which would effectively lift the U.S. ban on suppliers exporting goods to ZTE.

While unnamed sources have said that the agreement in principle has been worked out, a spokesperson for the U.S. Commerce Department stated that “no definitive agreement has been signed by both parties”, so it is possible that nothing has been actually agreed upon and confirmed just yet. The new agreement would see the Commerce Department amend its initial settlement with ZTE, and count the $361 million the smartphone manufacturer paid towards the new total of $1.7 billion for the full penalty.

ZTE signed the agreement in principle over the weekend, but an amended settlement agreement hasn’t been signed just yet.

Turns out that ZTE might be back up and running sooner rather than later.

Source: Reuters

Evan is a pretty big fan of technology, from phones to video game consoles and everything in between.

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