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techkenyot.com July 20, 2018


China’s ZTE to resume trading after $1.4-billion US settlement

13 June 2018, 09:18 | Glen Norman

China’s ZTE to resume trading after $1.4-billion US settlement

China’s ZTE to resume trading after $1.4-billion US settlement

The Senate is on the verge of directly undercutting a key piece of President Donald Trump's trade negotiations with China, as a bipartisan group of lawmakers successfully pushed for the inclusion of a bill to undo a deal to save Chinese telecom ZTE.

Van Hollen said the move is a very good sign for stopping the ZTE deal.

The Senate voted 91-4 late Monday to begin debate on the National Defense Authorization Act, including an amendment that will keep restrictions on ZTE.

Sen. Tom Cotton, R-Ark., one of the amendment's co-sponsors, said that if it passes, ZTE will go out of business.

Trump has said he reviewed the penalties as a personal favor to Chinese President Xi Jinping. He stressed that lawmakers must "remain clear-eyed and unified on the threat China poses to USA interests and national security", even if the president wasn't. ZTE is not allowed to take any action or make any public statement, even indirectly, denying any of the allegations.

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Florida Republican Sen. Marco Rubio added that the amendment was "Great news!" "For a lot of people it is". After Trump announced his deal with China and ZTE last week, Senate leaders said they would seek to reverse it.

For its part, the company has denied that it poses a security risk to the US.

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 U.S. suppliers, including its more important one, Qualcomm.

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 re-hired, along with any executives or officers tied to the wrongdoing, it said.

"I'm very, very happy with this arrangement", Ross said last week.

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The ZTE leniency also rubbed senators wrong since it came about the same time the president slapped tariffs on steel and aluminum imports from USA allies including Canada and the European Union.

We've come to expect the unexpected from Trump, but would he veto a defense bill just to save his ZTE deal?

"We're just continuing the conversation", said Sen. John Cornyn, R-Texas, who has been deeply involved in the issue.

"ZTE should have a significant loss in FY18E due to the penalty in addition to near-term operational challenges due to management change and increased overseas growth uncertainties", Citi analyst Bin Liu wrote.

Cotton, a close Trump ally who has been among the strongest critics of the deal, had a one word answer when asked if Ross made any headway in talking senators out of moving forward with their efforts: "No". "The death penalty is an appropriate punishment for their behavior".

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