"In March 2017, ZTEagreed to a combined civil and criminal penalty and forfeiture of $1.19 billion after illegally shipping telecommunications equipment to Iran and North Korea, making false statements, and obstructing justice including through preventing disclosure to and affirmatively misleading the United States government", claimed the Department of Commerce in a statement.
USA authorities have now accused the company of breaching the terms of the settlement. In particular, ZTE had told the BIS it had disciplined the executives responsible for its illegal deals with Iran and North Korea, but in reality none of the individuals were actually disciplined but rather given bonuses.
It was fined $890 million and agreed to dismiss four members of senior staff, and to discipline 35 more.
The move will sever business dealings between ZTE and USA firms for up to seven years.
The announcement comes after ZTE Corp. pleaded guilty to illegally shipping USA telecommunications equipment to other countries.
Mr Trump has repeatedly accused Beijing of "manipulating its currency", tweeting: "Russia and China are playing the Currency Devaluation game as the USA keeps raising interest rates".
Severe action: The US ban threatens ZTE viability as the company is estimated to receive 25 to 30 percent of its components from US firms.
The U.S. Federal Communication Commission on Tuesday plans to consider a ban on the networking equipment from the companies of ZTE and Huawei. The company has been banking on sales of next-generation 5G network equipment to become its new engine for growth, as 4G mobile operators start to upgrade their networks and 5G-enabled smartphones and tablets are expected to soon hit the market.
The US action takes aim at a profitable network equipment business for ZTE, which sells key telecommunications hardware and software to mobile services providers around the world.
"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", wrote NCSC Technical Director Dr. Ian Levy. The company could also face an additional $300 million penalty.
"We can't trust what they are telling us is truthful", the official said.
The Chinese yuan hit its strongest level against the USA dollar since the surprise devaluation of the currency in August 2015. The inability to export components from the U.S.to build its carrier and cloud equipment would seriously impact ZTE as well.
CICC predicted the Commerce ban will have a significant effect on ZTE's business - and perhaps on the building of wireless networks.
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