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US reaches deal with China’s ZTE, says Wilbur Ross

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The US has reached a deal with Chinese tech firm ZTE that will remove the ban on the company buying parts from US suppliers, Commerce Secretary Wilbur Ross has said.

The deal will involve ZTE paying a $1bn penalty and hiring a compliance team chosen by the US, Mr Ross told CNBC.

ZTE will also be required to replace its management board within 30 days.

Mr Ross emphasised that the agreement was separate from trade negotiations between the US and China.

The US had previously blocked ZTE’s access to US suppliers, saying the company had violated a sanctions settlement.

ZTE depends on US-made components to build its smartphones and networking equipment.

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