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posted by mrpg on Saturday June 09 2018, @08:25AM   Printer-friendly
from the wow dept.

US hits China's ZTE with $1 billion penalty in deal to end crippling sanctions, Commerce Secretary Ross says

[...] "We are literally embedding a compliance department of our choosing into the company to monitor it going forward. They will pay for those people, but the people will report to the new chairman," Ross said in a "Squawk Box" interview.

ZTE's latest brush with U.S. regulators came after the company's business dealings with Iran and North Korea violated U.S. trade agreements. ZTE paid $1.19 billion in fines for those violations, but the dispute didn't end there. The Commerce Department then alleged that ZTE misled regulators and failed to discipline the employees responsible for the sanction breach.

The settlement deal includes $400 million in escrow to cover any future violations as well as requiring ZTE to change its board of directors and executive team in 30 days.

[...] In response to the announced deal, Senate Minority Leader Chuck Schumer said Thursday in a statement, "When it comes to China, despite [Trump's] tough talk, this deal with ZTE proves the president just shoots blanks."

Also at ZTE will pay $1 billion fine to beat US export ban

-- submitted from IRC


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  • (Score: 1, Insightful) by Anonymous Coward on Saturday June 09 2018, @10:30AM (10 children)

    by Anonymous Coward on Saturday June 09 2018, @10:30AM (#690733)

    Good to see China crushing Drumph when it comes to negotiation. Honestly insulting to every American how bad he is at this kind of thing after watching the last extremely successful eight years of obama taking on foreign companies hurting Americans. How much did ZTE pay Ivanka so they could get off with such a small slap on the wirst. #impeach #notmypresident

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  • (Score: 0) by Anonymous Coward on Saturday June 09 2018, @11:38AM

    by Anonymous Coward on Saturday June 09 2018, @11:38AM (#690752)

    Hey, Bill Clinton got impeached too.

  • (Score: 2) by Runaway1956 on Saturday June 09 2018, @03:25PM (5 children)

    by Runaway1956 (2926) Subscriber Badge on Saturday June 09 2018, @03:25PM (#690801) Journal

    China crushing Drumph

    You must be reading a lot of that fake news crap, from cnn/msnbc/abc/etc. I'm not going to claim that Trump is kicking ass in negotiations - but Kim il Dingdong? No one, Republican or Democrat, has been anywhere near a peace solution with North Korea in my lifetime. I don't think Trump is being crushed, certainly not by mainstream media.

    • (Score: 0) by Anonymous Coward on Sunday June 10 2018, @01:12PM (4 children)

      by Anonymous Coward on Sunday June 10 2018, @01:12PM (#691085)

      No one, Republican or Democrat, has been anywhere near a peace solution with North Korea in my lifetime.

      More trump guzzling. Nothing that's happening with KJU is about trump. Its 100% on President Moon who has been preparing for peace his entire professional career and was finally able to drive the process after the entire right-wing imploded when their cultist president was impeached, And the south koreans know it, where Moon has a 75% approval rating and trump has a 30% approval rating, tied with KJU.

      • (Score: 2) by Runaway1956 on Sunday June 10 2018, @01:36PM (3 children)

        by Runaway1956 (2926) Subscriber Badge on Sunday June 10 2018, @01:36PM (#691094) Journal

        You may, or may not, have something there. In other discussions, I have asked why Lil Kim wants peace now. I've drawn no replies - certainly nothing meaningful. I speculated in one thread that Kim's nuclear test range collapsing could be driving it.

        So, I have no response to SK's huge scandal and party collapse. Maybe that is the driving force.

        The fact remains, Kim is talking to Trump. He isn't talking to the South, alone. Kim isn't talking to China. Kim isn't talking to Russia. The historic thing is going to be Kim and Trump. If the talks are fruitful, Trump will soon be eclipsed with the developing relations between North and South, and between North and China. But for always and forever, Trump and Kim will be recorded as ending tensions on the peninsula together.

        Trump guzzling, you said? Maybe you've confused me with a Trump supporter?

        • (Score: 3, Interesting) by Joe Desertrat on Sunday June 10 2018, @09:34PM (2 children)

          by Joe Desertrat (2454) on Sunday June 10 2018, @09:34PM (#691185)

          What is driving the "peace" talks is desperation on the part of Kim. North Korea is and has been in a bad way, with a large part of their population struggling to get enough basic necessities to live. Even the military has been going short, which makes Kim's grip on power much more tenuous. I suspect most of the missile shows and nuclear posturing are to have negotiating points. They know if they ever use those things for real they will be obliterated. I cannot see unification happening in our lifetime, the South Koreans have little to gain economically and if Kim insists on retaining any power, little to gain security wise either. Kim probably wants Trump along to negate the negotiating edge the South Koreans have, Trump's unwillingness to share credit or the spotlight means whatever he becomes convinced is the way to go will be pushed, and if the talks fail because that is an untenable position for the South Koreans, Kim will claim he tried to negotiate in good faith and can you pretty please lift the sanctions. At best, we'll end up back at the way things were in 2000, before Bush soured the little progress made with his "Axis of Evil" nonsense.

  • (Score: 4, Funny) by frojack on Saturday June 09 2018, @06:13PM (1 child)

    by frojack (1554) on Saturday June 09 2018, @06:13PM (#690870) Journal

    How much did ZTE pay Obama all those years?

    ZTE stopped paying royalties when the saw Obama not being around any more, so the Obama administration started the National Security scare mongering.
    Obama, when fully unraveled will prove to be the most Corrupt president we've ever had.

    --
    No, you are mistaken. I've always had this sig.
    • (Score: 0) by Anonymous Coward on Sunday June 10 2018, @01:19PM

      by Anonymous Coward on Sunday June 10 2018, @01:19PM (#691087)

      How much did ZTE pay Obama all those years?

      NOTHING.

      What is wrong with you man? Has trump pushed you so far off the cliff of sanity that you now reflexively assume that thus utter fucking dumpster fire of a kleptocracy is just the same as what's come before? This is banana republic levels of corruption here. You are sleepwalking into an american twilight WAKE THE FUCK UP.

  • (Score: 2) by stretch611 on Saturday June 09 2018, @06:34PM

    by stretch611 (6199) on Saturday June 09 2018, @06:34PM (#690881)

    Well, you just have to realize what Trump got out of this...

    Trump announced letting ZTE off the hook 2 days after China agreed to financial backing of a $1 Billion investment in a Indonesian property development. Of course, that property development includes Trump-branded hotels, residences and a golf course. ( http://www.scmp.com/news/asia/southeast-asia/article/2145808/trump-indonesia-project-latest-stop-chinas-belt-and-road [scmp.com] )

    As for paying Ivanka... no payment at all... unless you consider the trademarks her company has received from the Chinese government at the same time. Of course, I am sure that it is her wonderful business acumen, after all, its not like it is notoriously difficult for westerners to get trademarks in China. /s

    --
    Now with 5 covid vaccine shots/boosters altering my DNA :P