Chinese smartphone giant ZTE to pay $1bn fine in US

China's ZTE said it ceased major operations last month due to the ban

Penalties amounted to $1 billion, and ZTE agreed to install new management and a compliance team picked by the U.S., Ross told CNBC.

It's been a really rough couple of months for ZTE, but according to new reports, the company's troubles may soon be over as it has apparently almost reached a deal with the usa government.

The Department of Commerce will also change its 2017 settlement agreement with ZTE, counting the $361 million it has already paid in penalties toward the sum, Reuters reported.

The fine comes on top of a roughly $1 billion penalty ZTE has already paid for having sold equipment to North Korea and Iran in violation of US sanctions. Moreover, the U.S. Commerce Department is expected to count the $361 million ZTE paid previous year as part of a settlement agreement, which will allow the government to claim no less than $1.7 billion in penalties. Oclaro got 18 percent of its business from ZTE previous year, while 30 percent of Acacia's total revenue was from ZTE. This means that they could be fined up to $1.7 billion in total.

Senate Democratic leader Chuck Schumer called the agreement "a 180-degree turn away from the president's promise to be tough on China". Hopefully this time ZTE respects the wishes of the USA government to not sell to banned countries and ultimately this may lead to China and the us finally coming to a real agreement on the larger on-going trade discussion.

ZTE was found to have shipped its sophisticated telecommunications equipment to both countries, which the State Department lists as supporters of terrorism, and to have repeatedly lied to US investigators about its actions.

A ZTE spokesman couldn't be reached for comment.

Reuters reports that "ZTE promised to replace its board and executive team in 30 days".

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Last year, ZTE paid over $2.3 billion to United States suppliers, a senior ZTE official told Reuters last month.

"We will closely monitor ZTE's behaviour", Ross said in a statement.

USA senators said they plan legislation to roll back the agreement.

The U.S. has reached a deal to lift sanctions on Chinese telecommunications firm ZTE.

Several U.S. chipmakers, including Qualcomm and Intel, count ZTE as a customer.

Ross insisted Thursday that the ZTE matter was "quite separate and apart" from ongoing trade talks with China.

ZTE's survival has been a topic of discussion in high-level U.S.

US goods exported to China a year ago totalled $130 billion while Chinese imports to the USA totalled $506 billion. NeoPhotonics (NPTN) rose 1.6% to 7.15, while Oclaro (OCLR) climbed 1.4% to 9.18.