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The fine announced today comes on top of $892 million ZTE has already paid for breaking us sanctions by selling equipment to North Korea and Iran.

New deal: Wilbur Ross, the U.S. commerce secretary, told CNBC that the agreement calls for ZTE to pay a $1 billion fine for violating trade agreements by dealing with Iran and North Korea.

ZTE will also provide access to a team for a period of 10 years to monitor the company's compliance with US export control laws.

U.S. Rep. Tim Ryan of Howland, D-13th, said, "Days after President Trump took a sledgehammer to our relationships with Canada and Europe by imposing harmful tariffs - jeopardizing alliances that helped us win the Cold War - his administration has formally announced its golden parachute for Chinese telecom giant ZTE".

Hopefully this time ZTE respects the wishes of the US government to not sell to banned countries and ultimately this may lead to China and the USA finally coming to a real agreement on the larger on-going trade discussion.

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ZTE a year ago settled criminal and civil charges in connection with its violation of US sanctions on Iran and North Korea.

In April, the U.S. accused ZTE of not living up to the terms of the March agreement and banned it from dealing with U.S. companies for seven years - effectively a death sentence because up to 60% of the components of its mobile phones, for example, are sourced from American firms. And the company will be required to host and pay for a US-selected compliance team that will oversee the company's compliance over the term of the agreement. Their function will be to monitor on a real-time basis ZTE's compliance with USA export control laws. ZTE has been one of the most affected companies but is close to signing an agreement to continue its collaborations with US-based technology companies, such as Qualcomm.

US Commerce Secretary Wilbur Ross defended the new agreement, saying in a statement: "We will closely monitor ZTE's behavior".

US goods exported to China a year ago totaled $130 billion while Chinese imports to the USA totaled $506 billion.

Ross said the U.S. will install its "own compliance people" to monitor the company, and shareholders will bring in new management and board.

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The Department of Commerce notes this is the largest penalty it has ever levied on a single company.

Ross said the agreement will serve as a "very strong deterrent, not only for them, but for other potential bad actors". The punishment was tied to violations of United States sanctions against Iran and North Korea.

This move was slammed by members of Congress from both parties, who said the President's tweet was irresponsible.

A previous US ban on ZTE purchasing equipment from USA suppliers - which ZTE said was threatening to put it out of business - was also lifted under the deal.

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