ZTE released from US imports ban for one month
The Commerce Department is allowing ZTE to import US products for the next month.
The limited authorization was issued yesterday and will be in effect until August 1. The order allows the Chinese tech manufacturer to complete monetary transfers made with US companies, maintain its existing equipment and networks, resume research on security vulnerabilities in its products and update the software on its smartphones.
ZTE is working to comply with a new set of punishments as advocated for by President Donald Trump in place of a 7-year imports ban. The company has already reshuffled its executive suite and paid $1 billion in fines, but still needs to lodge $400 million in escrow and hire a compliance monitor. It’s expected that the firm will be able to comply by August 1.