ZTE shares tank after U.S. Senate puts Trump reprieve in doubt

Senate Set to Block White House on Reviving Trade Deal with ZTE

But their ire against ZTE rose after it broke an agreement to discipline executives who conspired to evade us sanctions on Iran and North Korea.

Since the Chinese vendor heavily relies on US-made Qualcomm chips for its equipment, the ban dealt a huge blow to ZTE's production line, and the vendor openly admitted it risked going under.

There was also some head scratching at the fact that three days after Trump threw his weight behind the ZTE issue, a new development deal closed between a Chinese company and the Trump corporation, which Donald Trump, Jr. and Eric Trump still run. After the Senate vote on the defense bill closed, with the bill passing 85-10, four of the senators who had put forward the amendment released a statement.

Under the Trump deal, ZTE would have to pay another $1 billion in fines for its sanctions violations in exchange for the United States dropping an earlier ban on its purchases of equipment from US suppliers, which the company contended would put it out of business. That compromise measure must then be passed by both chambers and signed into law by Trump. The Pentagon recently banned US bases from selling Huawei and ZTE devices in retail stores, as they "may pose an unacceptable risk to the department's personnel, information and mission".

"We're heartened that both parties made it clear that protecting American jobs and national security must come first when making deals with countries like China, which has a history of having little regard for either", they said.

The US House of Representatives has already passed its own defence spending bill, which does not include anything about the trade ban.

Still, Trump might yet get his way on ZTE, which has seen its market value lose billions since this saga started.

The Senate NDAA also includes an amendment prohibiting sales to Turkey of F-35 Joint Strike Fighter jets made by Lockheed Martin Corp unless Trump certifies Turkey is not threatening North Atlantic Treaty Organisation, purchasing defense equipment from Russian Federation or detaining USA citizens.

This year, the Senate included an amendment that would kill the Trump administration's agreement to allow ZTE to resume business with USA suppliers, one of the few times the Republican-led Senate has veered from White House policy.

The settlements are crucial for ZTE to resume buying the United States components essential to its products. The amendment to the defense spending bill forces the Commerce Department to reverse its reprieve on penalties imposed on ZTE for violating us sanctions aimed at isolating Iran and North Korea, then lying about it.

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