Senate to include measure blocking Trump's ZTE deal in defense bill

Senators Move To Reverse Trump's Deal Lifting Sanctions On China's ZTE

Senate sets vote to make the export ban against ZTE the law of the land

Kenny Thornton | 13 June, 2018, 19:39

Among other things, it would restore penalties on ZTE for violating US export controls and bar USA government agencies from purchasing or leasing equipment or services from the Chinese company.

"While the nightmare is now over, ZTE will likely have to deal with many changes", Jeffries said in a research report, adding that it expects significant near-term selling pressure on the company's shares.

The U.S. Senate plans to advance legislation to restore penalties on ZTE Corp., after President Donald Trump drew sharp criticism for easing restrictions to get the Chinese company back in business. The new punishment would require a restructuring of ZTE's management, a $1 billion fine, and $400 million to be held in escrow as a deterrent for ZTE from violating laws again.

Commerce Secretary Wilbur Ross was on Capitol Hill on Monday evening to speak with senators behind closed doors about the details of the ZTE deal, in a meeting that began shortly after the decision to include the amendment blocking the president's deal was announced.

Shares resumed trading following a two-month suspension after Washington accused state-owned ZTE in April of reneging on a settlement of charges it violated export rules by selling US technology to Iran and North Korea. The settlement calls for replacing the entire boards of both parent ZTE and subsidiary ZTE Kangxun within 30 days of the order, as well as terminating all current members of senior leadership at both companies.

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Under orders from Mr. Trump, the Commerce Department last week weakened penalties on ZTE, reducing a near-death sentence to a $1 billion fine and continued oversight. The coordinator will have a staff of at least six employees funded by ZTE.

Hong Kong's benchmark Hang Seng index was down 0.6 per cent by the midday break.

Also Tuesday, ZTE shares on mainland China's second stock exchange in Shenzhen fell by the maximum 10 percent margin allowed before trading was automatically suspended for the day.

The case has become a focus of bargaining talks as Washington and Beijing look to avert a trade war.

Republicans, who control both chambers of Congress, and Democrats expressed national security concerns about ZTE after it broke an agreement to discipline executives who had conspired to evade US sanctions on Iran and North Korea. North Korea is largely dependent on economic ties with China, where leaders had claimed that absent a ZTE deal, the telecom giant would collapse.

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Senate to include measure blocking Trump's ZTE deal in defense bill

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