ZTE was recently banned from acquiring components from US-based companies for seven years after the telecommunications firm violated the terms of a sanctions case. In a surprise move, President Trump announced his support for ZTE last week, tweeting that the sanctions resulted in "(t)oo many jobs in China lost." Despite this, a House committee has voted unanimously to reinforce those sanctions.
Read MoreZTE pleads guilty to violating US sanctions against Iran, will pay nearly a billion dollars in fines
After cutting nearly 3,000 jobs in January, ZTE hasn't had much in the way of good news to share lately. Today, it appears the Chinese smartphone maker avoided a potentially fatal blow to its smartphone business, but did so at great cost - around a billion dollars, in fact. ZTE was accused last year of violating US sanctions against doing business with Iran (I know, ZTE is a Chinese company - this has to do with US technology), and as a result the US Department of Commerce threatened to cut off ZTE from all its US-based supply chain partners.
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