Economic news

China’s ZTE escapes a ban on working with American companies

Chinese firm ZTE, standing at the second place among telecommunication equipment producers, managed to get a ban lift on dealing with American suppliers from the U.S. administration yesterday as it agreed to pay a fine of $1 billion and make changes in top managing positions.

The accord takes place at the time when the U.S. President tries to negotiate trade concessions with China and to make an agreement between the globe’s two leading economies so as to avert a trade war.

Meanwhile American firms cooperating with ZTE had their shares go up on Thursday.

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