GOP senator fails to kill provision blocking Trump's ZTE deal

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However, the corporation would have to pay $1 billion in penalties, adding another $400 million in escrow in order to cover possible future fines.

In February, U.S. intelligence officials warned Americans not to use smartphones made by ZTE or Huawei - another Chinese telecom company - as the communication technology could be compromised "to gain positions of power inside our telecommunication networks that provides the capacity to exert pressure or control over our telecommunications infrastructure".

The share falls in Shenzhen and Hong Kong were widely expected.

The bipartisan amendment would reimpose penalties on ZTE for violating US sanctions against exporting to Iran and North Korea that the Trump administration sought to lift in exchange for the company paying a $1 billion fine and funding an in-house compliance team of USA officials.

Confirming details of the USA deal, ZTE said late on Tuesday it would replace its board of directors and that of its import-export subsidiary ZTE Kangxun within 30 days of the June 8 order being signed by the United States.

The U.S. Commerce Department can exercise discretion in granting exceptions.

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Sen. Tom Cotton, R-Ark., who is one of the co-sponsors of the measure, said that the amendment would likely put ZTE out of business. It will also have to replace its management board.

Shares resumed trading following a two-month suspension after Washington accused state-owned ZTE in April of reneging on a settlement of charges it violated export rules by selling US technology to Iran and North Korea.

Hong Kong's benchmark Hang Seng index.HSI was down 0.5% in early trade.

During its trading halt, fund managers cut their valuations of ZTE shares, with some lowering valuations of its A-shares to 20.04 yuan per share, or a 36 per cent discount to the closing level on April 16.

It also said in filings on Tuesday that it would work to resume operations as soon as possible after the ban gets lifted, and would republish its first-quarter financial results after assessing the impact of the ban and the settlement agreement. Tom Cotton, R-Ark., Chris Van Hollen, D-Md., and Chuck Schumer, D-N.Y., added language to the National Defense Authorization Act to reinstate a ban on ZTE buying USA components. North Korea is largely dependent on economic ties with China, where leaders had claimed that absent a ZTE deal, the telecom giant would collapse.

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