Mr Obama and the U.S. commerce department banned companies from doing business with ZTE for seven years, for allegedly violating a 2017 settlement over allegations it has sold equipment to Iran and North Korea.
That's because it's said to have broken the agreement signed with Washington after pleading guilty to breaking different sanctions by selling equipment to North Korea and Iran. (NYSE: T). According to a report from Reuters at the time, security concerns were raised during the negotiations between Huawei and AT&T.
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American companies are estimated to provide 25 percent to 30 percent of the components used in ZTE's equipment, which includes networking gear and smartphones.
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ZTE agreed in March of past year to plead guilty and pay as much as $1.2 billion for violating USA laws restricting sale of American technology to Iran.
As part of the agreement, Shenzhen-based ZTE promised to dismiss four senior employees and discipline 35 others by either reducing their bonuses or reprimanding them, senior US officials told Reuters.
A senior official with the U.S. Commerce Department Bureau of Industry and Security told reporters that the ZTE decision was unrelated to the administration's threats to impose tariffs on Chinese imports, saying the actions against the Chinese company are part of an investigation.
Seemingly in tandem with the US BIS announcement, the UK's National Cyber Security Centre issued an advice statement to the United Kingdom telecommunications sector highlighting the potential national security risk from using ZTE equipment or services can not be mitigated. The US Department of Commerce also banned the export of software which means its devices may not come with Google Play services or receive updates.
"ZTE made false statements to the U.S. Government when they were originally caught and put on the Entity List, made false statements during the reprieve it was given, and made false statements again during its probation", Commerce Secretary Wilbur Ross said in a statement provided to TechCrunch.
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The company grew to become one of the world's biggest telecoms equipment makers thanks to its cheap and affordable smart phone technology. ZTE, they say, has refused to discipline the employees responsible as per the agreement.
The ban comes two months after a motion in US Senate to block the government from buying or leasing telecommunications equipment from ZTE or its Chinese rival Huawei over accusations that the companies might be spying on American officials.
That's the position Acacia Communications Inc.
Other optical component companies also slid, with Lumentum Holdings Inc falling 8.9 percent and Finisar Corp dropping 4 percent. Oclaro generates about between 10% and 15% of revenue from both Huawei and ZTE and gets another 10% from Nokia.
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