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China ZTE Suspends Major Operations after US Government Imposed 7 Years Trade Ban

China ZTE Suspends Major Operations after US Government Imposed 7 Years Trade Ban

China’s 2nd largest telecom equipment maker, ZTE Corp has suspended all major operations after a 7 years export ban was imposed on the company by the United States government on 16th April 2018.  The 7 years ban means ZTE will not be able to buy components and technology from U.S. companies such as Qualcomm and Intel, crippling its major operations.

” China ZTE Suspends Major Operations after US Government Imposed 7 Years Trade Ban “

In 2017, ZTE had paid almost $900 million in settlements after admitting to violating trade restrictions by shipping products with United States technology to countries including Iran in 2016.  On 17th April 2018, a day after the 7 years ban was imposed by the United States, ZTE suspended trading of its share on the Hong Kong Stock Exchange.  ZTE is actively communicating with the United States government to reverse or modify the ban.

ZTE is one of the world’s largest telecom equipment makers alongside Huawei.  The company was founded in 1985 as Zhongxing Semiconductor Co.

Source: ZTE, SCMP, Reuters, Bloomberg

 

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