Senate adopts measure blocking Trump ZTE deal

Senate adopts measure blocking Trump ZTE deal

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.

Investors wiped about $3-billion off embattled Chinese telecommunications giant ZTE Corp's market value as it resumed trade on Wednesday after agreeing to pay up to $1.4-billion in penalties to the US government.

The amendment will also ban government agencies from trading telecommunications equipment and services with Chinese telecom companies ZTE and Huawei, as well as from providing loans to or subsidizing either company, according to The Hill.

To save his ZTE deal, Trump would have to veto the entire defense-authorization bill, which would go against his long-standing statements on the military and USA defense protocols.

All members of its leadership at or above the senior vice president level would be removed within the 30-day period, with a commitment that they would not be rehired, along with any executives or officers tied to the wrongdoing, it said.

As part of the order, ZTE must identify in detail to the Commerce Department all Chinese government ownership and control of ZTE, including public and private shares.

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Ross was planning to brief senators on the ZTE deal Monday, Senate Majority Whip John Cornyn said. In early June, the White House announced ZTE would be able to resume buying US parts after it agreed to pay a $1 billion fine and submit to USA oversight. "The new governance structure will pose challenges for the company's management in the future", Zhongtai Securities said in a note.

Hong Kong shares tumbled more than one per cent on Wednesday ahead of a key Federal Reserve decision, while Chinese telecoms equipment maker ZTE was pummelled as it began trading again after a two-month suspension.

Hong Kong's benchmark Hang Seng index.HSI was down 0.5% in early trade.

Jeffries said it expected ZTE to pay its penalty in a few days and resume operations next week. Tom Cotton, R-Ark., Chris Van Hollen, D-Md., and Chuck Schumer, D-N.Y., added language to the National Defense Authorization Act to reinstate a ban on ZTE buying USA components.

ZTE, which is based in Shenzhen, is China's second biggest telecoms maker.

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