US, China Reach Tentative Deal on ZTE Sanctions
ZTE, phone home. Though insiders caution that the deal could still fall apart, terms are firming up in China’s bid to save its telecom giant, all but bankrupted by U.S. sanctions over dealings with Iran and North Korea. The agreement would reportedly lift the sanctions in exchange for ZTE making management changes and paying fines. China also offered to lift tariffs on billions of dollars of U.S. goods. President Trump’s rush to save ZTE, the fourth-largest phone vendor in the U.S., surprised many after his tough talk on trade.