5/18/2018, 3:58 AM (Source: TeleTrader)
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Chart for: Zte Corp.

House panel votes to uphold sanctions against China's ZTE

The House Appropriations Committee of the United States Congress voted unanimously to continue sanctions against the Chinese tech firm ZTE Corp., by including a provision in an appropriations bill. The move defies President Trump's effort to consider making a comprehensive deal with Beijing that would salvage the Shenzhen-based company, in exchange for trade and investment concessions by China.

Democratic member of the panel Dutch Ruppersberger said: "They’re widely suspected of spying on the U.S. government. We cannot allow [ZTE] to infiltrate US networks or give them access to the US markets while they continue to be beholden to their government."

Earlier, Trump revealed that the ongoing trade talks with China will also tackle getting ZTE "back into business," after the company shut down its "major operating activities" worldwide due to the adverse effect of Washington's denial of export to the firm.

Breaking the News / NI