June 7, 2018 / 12:23 PM / 2 months ago

U.S. reaches deal with China's ZTE - Commerce Secretary

June 7 (Reuters) - U.S. Commerce Secretary Wilbur Ross said on Thursday Washington had reached a deal with ZTE Corp that would lift a ban on buying from U.S. suppliers, allowing China's No. 2 telecommunications equipment maker to get back into business.

The deal involves ZTE changing its board and management within 30 days and paying a $1 billion fine and putting $400 million in escrow, among other conditions, Ross told CNBC, adding that he did not think the arrangement would have any effect on tariff talks with China.

Reporting by Susan Heavey Writing by Eric Walsh

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