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

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

The amendment also bans USA government agencies from buying or leasing equipment from ZTE and its Chinese rival, Huawei, and bars US loans to the companies.

The US government said it imposed the ban in April because ZTE violated a 2017 agreement in which the Chinese company admitted to evading sanctions on Iran and North Korea.

It would also ban US government agencies from purchasing any devices or services from ZTE or Huawei, another major Chinese telecom firm, or using government loans to subsidize any subsidiaries or affiliates of the two companies. 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.

The amendment was added just as Commerce Secretary Wilbur Ross was on Capitol Hill briefing senators about a component of the president's ZTE deal. Sen.

It's unclear how a showdown would play out, but ZTE said Tuesday that it will resume trading shares Wednesday, ending a two-month suspension.

All members of ZTE's leadership at or above the senior vice president level also must be terminated, along with any executive or officer tied to the wrongdoing.

A separate monitor was appointed to a three-year term by a US federal court in Texas last year. It will also have to replace its management board. Cotton said the president won't veto the bill "because the bill pertains many other critical priorities".

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The deal will involve ZTE paying a $1bn penalty and hiring a US-approved compliance team.

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

The decision to lift the U.S. ban on ZTE has faced sharp criticism from USA politicians, including from some Republicans.

On Tuesday, senators on both sides of the aisle spoke out against Trump's deal, which is believed to have been made to soften a potential trade war in China, following the announcement of steel and aluminium tariffs on the country's exports.

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 USA sanctions on Iran and North Korea.

ZTE, with a market value of about $20-billion before its shares were suspended in April, is the world's No. 4 telecom equipment maker after Huawei Technologies, Ericsson and Nokia.

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