US Lawmakers Push to Restore Penalties on ZTE Despite Reprieve

US Lawmakers Push to Restore Penalties on ZTE Despite Reprieve
The US Senate advanced legislation to restore penalties on ZTE Corp after President Donald Trump drew sharp criticism for easing restrictions to get the Chinese company back in business.
The Senate voted 91-4 late Monday to begin debate on the National Defense Authorisation Act (NDAA), including a ZTE amendment that will keep restrictions on the Chinese telecom company despite a reprieve last week from the US Commerce Dept. The provision was included on a list of amendments that is backed by both Republicans and Democrats.
"Great news! Our bipartisan amendment restoring penalties on #ZTE is included in the #NDAA bill the Senate will be advancing to later this evening," Sen. Marco Rubio, R-Fla., said in a Twitter post before the vote.
Rubio is co-sponsor of the amendment with Sens. Chris Van Hollen, D-Md., and Tom Cotton, R-Ark.
Commerce Secretary Wilbur Ross last week announced the US reached a deal with ZTE that included a record fine, changes to the company's board and management and US compliance officers. He cautioned at the time that the US still retains "the power to shut them down again."
ZTE shares have been halted from trading as the company is caught up in the trade dispute between the world's two biggest economies. Other companies' fortunes are also being buffeted by the back-and-forth in the ZTE case. NXP Semiconductors NVslipped 2.5 percent in early trading Tuesday in New York on news of the restored penalties for ZTE. The move is an indication that the Dutch semiconductor maker won't be approved by Chinese regulators to be bought by Qualcomm Inc. Approval of the $43 billion (roughly Rs. 2.9 lakh crores) acquisition is seen as a quid-pro-quo for ZTE's ability to do business in the US, where it depends on being able to buy chips and other components to make its networking gear and smartphones.
The US blocked ZTE's access to US suppliers in April, saying the company violated a 2017 sanctions settlement related to trading with Iran and North Korea and then lied about the violations. The telecommunications company announced it was shutting down just weeks after the ban was announced.
Trump has said he reviewed the penalties as a personal favour to Chinese President Xi Jinping. Lifting the sales ban on ZTE was a key demand China made in the broader trade talks with the US to avert a trade war.

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