ZTE halted trading of its shares in Hong Kong and Shenzhen on Tuesday following the announcement of the United States ban, while Beijing warned it would "safeguard" its companies if necessary.
Last year's agreement suspended $300 million in fines set aside a seven-year denial of ZTE's export privileges during a probationary period.
ZTE officials did not immediately respond to requests for comment. ZTE has had run-ins with the US government before. Despite the fact that it's a company based in China, ZTE was found to be selling technology from the U.S.to Iran through multiple shell companies.
"ZTE acknowledges the mistakes it made, takes responsibility for them, and remains committed to positive change in the company", ZTE's Chairman and Chief Executive Officer Zhao Xianming said at the time.
It comes as ZTE allegedly broke an agreement after it was caught illegally shipping goods to Iran.
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The department's action against ZTE also prohibits large American companies like Qualcomm and Micron Technology from selling their chips and components to ZTE, China's largest listed telecommunications equipment supplier. He says Infinera (INFN) and Nokia (NOK) also could benefit from the ban on component sales to ZTE.
"ZTE misled the Department of Commerce", Wilbur L. Ross, Secretary of Commerce, said today".
"We can't trust what they are telling us is truthful", the official said. ZTE also admitted to engaging in an elaborate scheme to hide the unlicensed transactions from the U.S. Government, by deleting, destroying, removing, or sanitizing materials and information. The inability to export components from the U.S.to build its carrier and cloud equipment would seriously impact ZTE as well.
He first threatened to name China as a "currency manipulator" during his first days of office but reversed his position after his first three months in office and took no action.
"NCSC assess that the national security risks arising from the use of ZTE equipment or services within the context of the existing United Kingdom telecommunications infrastructure can not be mitigated", said Ian Levy, its technical director, in a statement. Trump on Monday accused China along with Russian Federation of devaluing their currencies, opening a new front in his argument that foreign governments are exploiting the U.S.
The new restrictions stem from a January 16 report by a USA monitor appointed by a federal judge in Texas who accepted the guilty plea in March 2017.