Senate blocks ZTE deal in rebuke of Trump deal

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

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.

The U.S. slapped sanctions on ZTE in 2016, prohibiting the company from doing business in the U.S. for seven years, when it violated U.S. sanctions against 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 president's deal with ZTE would have forced the company to pay a $1 billion penalty, reorganize its company and allow USA compliance officers in exchange for being able to sell its products inside the U.S.

More news: Fifa World Cup sponsorship revenue falls by US$179m for Russian Federation 2018

Commerce Secretary Wilbur Ross last week announced the US reached a deal with ZTE that includes a record fine, changes to the company's board and management and USA compliance officers.

The quick action to stop Trump from rolling back the ZTE penalties shows the seriousness of the issue, Senator Minority Leader Chuck Schumer said in a statement.

ZTE has more than a dozen senior vice presidents, which is a level below executive vice president, said the company source who declined to be identified as they were not authorized to speak to the media.

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.

More news: Justify Makes History for Bob Baffert

"The compliance monitor will be on the same level as ZTE's CEO and board on compliance matters".

The Hong Kong-listed shares of ZTE slid as much as 41 per cent to HK$14.98, their lowest in a year, following a two-month trading suspension. Its Shenzhen stock slid by the daily maximum of 10%. Senators on both sides of the aisle criticized Trump for calling on the Commerce Department to reverse its position, with many saying ZTE poses a risk to United States national security.

The case has become a focus of bargaining talks as Washington and Beijing look to avert a trade war. "Given their repeated violations of USA law, we can not trust them to respect USA national security, and so it's vital we hold them accountable and pass this amendment".

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.

More news: Deontay Wilder Agrees To Terms For Massive Anthony Joshua Fight

Recommended News

  • Salah remains doubtful for WCup opener

    Salah remains doubtful for WCup opener

    He took part in the team training session on Wednesday but did not engage in any pieces of training that involves the ball. However, I can not confirm today that he will play in the first match.

    Statement: PM Delighted Over Prince Harry And Duchess Visit

    She was central rather than the alternative of being in the front row and along the balcony to the left or right", he added. No matter where she stands, Meghan Markle surely has a seat at the table as the newest royal.
    Tuesday forecast: Cooler but still hot and humid

    Tuesday forecast: Cooler but still hot and humid

    There is a complex of showers and storms moving through IL and IN thi which will impact the Miami Valley this afternoon . We can expect mostly cloudy skies with perhaps some sunshine breaking through the clouds later this afternoon .
  • Air Force base grounds F-15s after crash in Japan

    Air Force base grounds F-15s after crash in Japan

    The jet was flying out of the USA military facility of Kadena Air Base in Okinawa. Japan's NHK television station said the rescued pilot suffered a broken leg.
    Putin would be ready to host G7 in Moscow

    Putin would be ready to host G7 in Moscow

    All very freaky , although pretty clever the way he was able to say the name " Russia " so many times in one little blurt. Canada was swift to reject the idea. "Our relationship is very good", Trump said.
    AT&T, Time Warner Merger Approved by Judge

    AT&T, Time Warner Merger Approved by Judge

    In fact, sometimes a merger can help competition and consumer choice, as is more often the case with vertical mergers. That would set up a showdown with Disney, which has already put in a bid for those assets.
  • De Gea refuses to rule out Real Madrid move

    De Gea refuses to rule out Real Madrid move

    De Gea should be focussed on the World Cup as he looks to take Spain all the way to the final and win the trophy. De Gea denied the accusations, which an investigation found to be false.
    Atletico Madrid's Antoine Griezmann Makes Big Decision On Future

    Atletico Madrid's Antoine Griezmann Makes Big Decision On Future

    The forward has been expected to confirm his future before the World Cup and said Saturday that was still the case. "Over the next days, both clubs will work to close the agreement for the definitive transfer", Atletico said.
    Vermont officials fret as Trump feuds with Trudeau

    Vermont officials fret as Trump feuds with Trudeau

    The scene was captured in a photo during the G7 summit , and the seemingly tense moment did not go unnoticed . The president said he was annoyed by Trudeau's comments about not letting Canada get pushed around.
  • DJ wins St. Jude, reclaims No. 1 ranking

    DJ wins St. Jude, reclaims No. 1 ranking

    Johnson has been dominant in multiple aspects of his game this season. "I feel like my game is in good shape", he said. Johnson tapped in for birdie, followed with a two-putt birdie at the par-5 third and added birdies at Nos.
    Dennis Rodman breaks down in tears during CNN interview on North Korea

    Dennis Rodman breaks down in tears during CNN interview on North Korea

    A meeting between the leaders of both South Korea and North Korea in April also boosted optimism and intrigue in the city. The Rodong Sinmun dedicated the first four pages to the previous day's landmark summit between Kim Jong Un and U.S.
    IL  officer rescues young boy running on busy Chicago area road

    IL officer rescues young boy running on busy Chicago area road

    Mannino alerted dispatch that he caught the boy and would begin the search for his parents, according to the Naperville Sun . A police sergeant was honored for his quick actions in rescuing a young child from a busy roadway in suburban Chicago.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.