Confirmed: ZTE to reopen after $1 billion fine, new leadership [Updated]

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For the last month, Chinese smartphone giant ZTE has been largely shut down after the Trump administration banned US firms from selling it technology. But now ZTE has made a deal with the Trump administration allowing it to re-open. Reuters first reported the deal yesterday, and it was confirmed by US Commerce Secretary Wilbur Ross today.

Reviving ZTE has been a personal focus for President Trump, whose government is in the middle of broader trade negotiations with the Chinese government. Last month, Trump tweeted that he was looking for a way for ZTE to "get back into business, fast" because there were "too many jobs in China lost" from ZTE's shutdown.

According to Ross, the deal includes a $1 billion fine as well as $400 million held in escrow to deter ZTE from further misconduct. ZTE will have 30 days to change its board of directors and executive team.

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