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The United States Senate has sought to reverse the deal the Trump administration made with the Chinese telecom giant ZTE. The Senate approved a defense policy bill on Monday which includes a pay raise for the military and a ban on ZTE buying from American suppliers. The Chinese company is accused of violating trade laws by selling sensitive technologies to the DPRK and Iran.
A deal with a penalty of 1.4 billion U.S. dollars had been reached between ZTE and the Trump administration earlier this month. But the company is now a target of the must-pass defense package. Hong Kong listed shares in ZTE plunged around 25 percent on Tuesday. The company has lost nearly two-thirds of its value since it resumed trading last week after a two-month suspension that followed the initial ban.
