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.
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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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