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Report: ZTE allowed to resume some US business activity

The U.S. Department of Commerce's Bureau of Industry and Security has authorized Chinese telecom firm ZTE to resume some business activity from July 2 until Aug. 1 while the Trump administration weighs ending a seven-year export ban on the company, according to a report from Bloomberg.

The authorization would allow the company to support equipment or existing networks under contracts signed on or before April 15. Companies had been barred by the government from selling components to ZTE since the company violated sanctions against North Korea and Iran.

The temporary authorization follows the Commerce Department's announcement last month that ZTE had agreed to additional penalties and compliance measures.

"Today, BIS is imposing the largest penalty it has ever levied and requiring that ZTE adopt unprecedented compliance measures," Commerce Secretary Wilbur Ross said in a June 7 statement. "We will closely monitor ZTE's behavior. If they commit any further violations, we would again be able to deny them access to U.S. technology as well as collect the additional $400 million in escrow. The first settlement with ZTE set a record for civil and criminal penalties in an export control case. This new settlement agreement sets another record, and brings the total penalties assessed on ZTE to $2.29 billion."