Senators Move To Reverse Trump's Deal Lifting Sanctions On China's ZTE
13 Juin, 2018, 12:26 | Auteur: Auguste Feret
Trading in ZTE shares has been halted since April 17, just days after the U.S. Commerce Department issued an order banning American firms from selling to the company.
"The most important point is that the United States will not lift the export ban until it receives the payment of US$1bn in fines and US$400m in escrow", Edison Lee, an equity analyst with Jefferies wrote in a research note sent by email late Tuesday.
He said the speed of the pushback, and the striking bipartisan coalition - chief sponsors include Sen.
In April, the US Commerce Department found ZTE had violated trade bans with North Korea and Iran.
ZTE, with a current market value of around US$19.28-billion, is the world's fourth-largest telecom equipment maker after Huawei Technologies, Ericsson and Nokia.
Legislators said they are planning to block the ZTE deal in an amendment to the National Defense Authorization Act, a big defense policy bill the Senate is due to debate this week.
The motion was adopted late Monday night, only hours after the deal became public and less than a week after it was signed.
The vote follows a tumultuous few months for ZTE. The ban was imposed after the company made false statements about disciplining some executives responsible for the violations.
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That's why Rubio along with Senators Tom Cotton (R-AK), Chuck Schumer (D-NY) and Chris Van Hollen (D-MD) are advocating in favor of the original penalties - banning ZTE from USA suppliers, including its more important one, Qualcomm.
However, in May the president tweeted that he was working with China to keep ZTE running and hoped a deal would prevent "too many jobs in China" from being lost.
As part of the settlement deal, ZTE will also employ a special compliance coordinator (SCC) and a team of assistants at its expense for a period of 10 years.
The settlement, which was made public on Monday, would allow China's No. 2 telecommunications equipment maker to resume business with US suppliers.
ZTE said Tuesday it will resume operating activities affected by the ban "as soon as practicable". He said the threat posed by the mobile phone giant and its rival, Huawei, "is too great to ignore". Marco Rubio, Florida Republican and a co-sponsor of the legislation.
Senate Majority Leader Mitch McConnell (R., Ky.) said that passing the defense measure is at the top of his to-do list this week.
Visitors pass in front of the Chinese telecom giant ZTE booth February 26 at the Mobile World Congress in Barcelona.
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