Chinese Mobile Device Maker ZTE Banned From Buying US Goods

Chinese Mobile Device Maker ZTE Banned From Buying US Goods”

This came hours after the U.S. Department of Commerce announced activation of denial of export privileges against leading Chinese telecom equipment maker ZTE Corp for alleged violations of the Export Administration Regulations.

The sanction against ZTE comes after the Chinese company pleaded guilty in 2017 for the illegal shipment of United States equipment to Iran and North Korea. In particular, ZTE had told the BIS it had disciplined the executives responsible for its illegal deals with Iran and North Korea, but in reality none of the individuals were actually disciplined but rather given bonuses.

China's Ministry of Commerce said Tuesday, that it "will closely follow the developments" in the ZTE case.

The ban - which is in full effect - means American electronics companies such as Qualcomm will not be able supply the company with its processors and hardware for a period of up to seven years.

"We're deeply concerned about the risks of allowing any company or entity that is beholden to foreign governments that don't share our values to gain positions of power inside our telecommunications networks", FBI Director Christopher Wray said at the time. The new order means the Chinese telecom giant can no longer receive USA components to incorporate into its products. President, Donald Trump, accused China along with Russian Federation on the issue of devaluation of the currency.

Severe action: The US ban threatens ZTE viability as the company is estimated to receive 25 to 30 percent of its components from US firms. ZTE already sells both its branded and white-label smartphones via mobile carriers AT&T and Verizon in the US.

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"This will be devastating to the company, given their reliance on United States products and software", Reuters quoted him as saying. Through its network of operators across 140 countries, the company delivers innovative products and business solutions.

The U.S. Federal Communications Commission on Tuesday plans to consider a ban on networking equipment from companies such as ZTE and Huawei (huawei).

The ban on supplying ZTE comes two months after two Republican Senators introduced legislation to block the USA government from buying or leasing telecommunications equipment from ZTE or its Chinese rival Huawei Technologies Co Ltd [HWT.UL], citing concern the companies would use their access to spy on US officials.

"We can't trust what they are telling us is truthful", the official continued.

The Commerce Department Denial Order also reversed the suspension of $300 million that was part of a $661 million civil penalty for its activities. (NYSE:S), and "has relied on US companies including Qualcomm Inc, Microsoft Corp and Intel Corp for components", according to Reuters.

"If they can't operate normally because of the USA export ban, that will clearly impact global and Chinese network construction and could affect future 5G rollouts", CICC analysts including Wang Xinglin wrote in a research note Tuesday.

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