ZTE share price soars after US signs deal to lift ban

Jamie McKane

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ZTE share price soars after US signs deal to lift ban

ZTE Corp.’s shares surged after it inked an agreement with the Trump administration to allow the company to resume doing business with American suppliers, meeting a key Chinese government demand amid escalating tensions between the world’s two largest economies.

The Chinese telecoms gear-maker signed an escrow agreement with the Commerce Department and a ban on U.S. technology purchases will lift as soon as ZTE deposits $400 million, the department said in an emailed statement Wednesday.

[Bloomberg]
 
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