ZTE Shares Set to Resume Trading Following Deal

A woman stands outside a building of ZTE Beijing research and development center in Beijing China

Clouding the outlook is the challenge by a bipartisan group of USA senators to reverse the Trump administration deal, by using an amendment in the annual defence bill.

Under the settlement, ZTE will pay a total civil penalty of $1.7 billion, including $361 million already paid as part of a March 2017 agreement, the $1 billion fine and the $400 million that will go into escrow. Among other things, it would restore penalties on ZTE for violating USA export controls and bar US government agencies from purchasing or leasing equipment or services from the Chinese company.

Senators proposed a rollback and announced Monday that this will be included as part of the new defense policy bill the chamber began debating.

The bipartisan anti-ZTE amendment was co-authored by Republican Tom Cotton, and Democrat Chris Van Hollen.

An amendment sponsored by Sens.

"While the nightmare is now over, ZTE will likely have to deal with many changes", Jeffries said in a research report, adding that it expects significant near-term selling pressure on the company's shares. Then the full bill will have to pass, and be merged with a version that passed the House earlier this year.

The White House didn't respond Monday evening to a request for comment on the Senate's pushback.

More news: Has Theresa May only delayed her Brexit defeat by a few days?

As part of the US order, the Commerce Department also will select a monitor, known as a special compliance coordinator, within 30 days to report on compliance by ZTE and its affiliates worldwide for 10 years.

After it was exposed that ZTE violated US trade embargoes and directly lied to officials about the conduct, the Commerce Department banned USA exports to the company as punishment.

U.S. President Donald Trump's Republican allies in Congress are moving to block his deal to put Chinese telecom giant ZTE back in business if it pays $1 billion more in fines for violating U.S. sanctions against Iran.

Lawmakers said they were shocked Mr. Trump was going soft, after all the tough talk of cracking down on China during the presidential campaign. Since the bill has bi-partisan support, rules tucked into the bill's language are much harder to prevent, even for the President.

US lawmakers have attacked the agreement and planned legislation to roll it back, citing intelligence warnings that ZTE poses a national security threat. Marco Rubio (R-Fla.), another chief backer of the amendment.

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

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