CHINESE TELECOMS OUTFIT ZTE has halted trading after was suspended from the United Kingdom and cut off from USA suppliers.
"We're deeply concerned about the risks of allowing any company or entity that is beholden to foreign governments that don't share our values to gain positions of power inside our telecommunications networks", FBI Director Christopher Wray said at the time.
CICC predicted the Commerce ban will have a significant effect on ZTE's business - and perhaps on the building of wireless networks.
The Chinese giant has always been able to act with impunity with the backing of its government, which is likely why it has not been keeping its word on some of the things that it committed to when it was caught selling American goods to Iran. ZTE apparently did fire the four workers, but did not discipline the others and still gave them bonuses. According to the heads of the alphabet agencies, it simply hasn't done this.
For ZTE, it has been a rough 24 hours, with the United States government hitting the company with a U.S. export ban.
The US Department of Commerce released a statement today banning American companies from selling to the Chinese phone manufacturer Zhongxing Telecommunications Equipment (ZTE) Corporation for seven years.
"ZTE misled the Department of Commerce", said Secretary Wilbur Ross. Otherwise, it said, China is prepared to adopt unspecified measures to defend the interests of Chinese companies.
The U.S. Federal Communication Commission on Tuesday plans to consider a ban on the networking equipment from the companies of ZTE and Huawei. 300 million of the agreement's penalty would be suspended for a probationary period of seven years.
"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", NCSC Technical Director Ian Levy said as quoted in a press release.
What's more, earlier this year, a senior official in President Trump's administration confirmed earlier this year U.S. government is considering developing its own 5G network, containing parts manufactured in China, to counter, er, security threats from China.
A spokesperson for BT told the Financial Times: "BT takes the security of the UK's critical national infrastructure very seriously and has a robust testing regime in place to ensure that the equipment from all suppliers used in our network remains secure".