Mubasher: China’s ZTE said in a statement on Friday that the "denial of export privilege" imposed by the US administration on its exports poses a threat to the survival and development of its business.

The ban, known as denial of export privilege, prohibits US firms from exporting components or software to the Chinese company.

This comes amid escalating trade tension between the US and China, which resulted in the two countries imposing billion-dollar tariffs on one another.

Last month, US President Donald Trump announced imposing around $50 billion in tariffs on imports from China.

The ban earlier imposed this week by the US Department of Commerce's Bureau of Industry and Security (BIS), will not only affect the Chinese giant, but also have a negative impact on a large number of US companies, including Qualcomm and Google.

"It is unacceptable that BIS insists on unfairly imposing the most severe penalty on ZTE even before the completion of investigation of facts, ignoring the continuous diligent work of ZTE and the progress we have made on export compliance,” the Chinese tech firm said in its statement.

ZTE highlighted that it would not "give up its efforts to resolve the issue through communication."

In 2017, ZTE admitted to illegally shipping equipment to Iran and North Korea, but later agreed to pay $1.19 billion in penalties and took actions against the employees responsible for the shipping incident.

In the same year, the Chinese tech manufacturer further spent more than $50 million on a compliance control programme for its exports.

"We are also determined, if necessary, to take judicial measures to protect the legal rights and interests of our company, our employees and our shareholders, and to fulfill obligations and take responsibilities to our global customers, end users, partners and suppliers," ZTE concluded.