White House Seeks to Block Senate Bid to Kill ZTE Deal

White House Seeks to Block Senate Bid to Kill ZTE Deal

In return, the White House rescinded a seven-year ban on purchases of US components that had forced ZTE to suspend most operations.

White House trade adviser Peter Navarro said on Sunday that President Donald Trump agreed to lift the ban as a personal favour to the president of China.

To save his ZTE deal, Trump would have to veto the entire defense-authorization bill, which would go against his long-standing statements on the military and US defense protocols.

In its statement late Tuesday, ZTE said it will "assess the full impact" of the ban and the new deal with the United States government and disclose it in an update earnings release.

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.

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

An amendment sponsored by Sens.

Toyota investing $1 billion in ride-hailing company Grab
Ma estimated that Grab will reach over US$1 billion in revenue this year, as its users exceed 100 million in the region. Toyota said the Singapore-based startup has big growth potential in a region that is home to around 600 million people.

US Senate leaders from both side of the political fence are expected to vote later this week on an amendment to a bill that could block the agreement between the Trump administration and ZTE. Tom Cotton, R-Ark., said.

Once through the Senate, the bill would move to a conference committee with the House, which passed its own version of the bill without the amendment related to ZTE.

Visitors pass in front of the Chinese telecom giant ZTE booth February 26 at the Mobile World Congress in Barcelona.

Then, if the ZTE rollback is still in, it will become a major challenge to Mr. Trump, who personally stepped in as a favor to Chinese President Xi Jinping. The U.S. export ban would be lifted in exchange for a $1 billion fine, $400 million in escrow to cover future issues, the naming of a new Board and executive team, and the installation of a U.S. selected compliance team that would be put in place at ZTE headquarters.

ZTE (0763.HK) did not immediately respond to requests for comment on Monday.

ZTE was first fined by the US government for violating the Iran and North Korea sanctions.

"The Chinese government uses these companies for espionage and intellectual property theft, posing a direct threat to our national security and endangering the American people and our economy", said Sen. Marco Rubio (R-Fla.), another chief backer of the amendment.

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