Acacia says ZTE business to remain suspended until ban lifted

Acacia says ZTE business to remain suspended until ban lifted

US lawmakers have attacked Washington's agreement with ZTE and plan legislation to roll it back, citing intelligence warnings that ZTE poses a national security threat.

The Senate voted 91-4 late Monday to begin debate on the National Defense Authorization Act, including an amendment that will keep restrictions on ZTE.

Lifting the ban under Trump's deal would result in ZTE still buying from U.S. suppliers, but paying massive fines upwards of $1 billion with USA law enforcement monitoring the company's actions.

ZTE, the fourth largest smartphone vendor in the USA, has been in the news nearly daily since the Commerce Department lifted a stay it placed on a US export ban against the firm. As a telecoms and smartphone company, ZTE would struggle to make products without using software from Google, processors and radios from Qualcomm, or any of the other parts that the United States primarily supplies. The provision was included on a list of amendments that is backed by both Republicans and Democrats.

But today, via The Wall Street Journal, Senate leaders on both sides of the aisle introduced legislation into a popular defense bill that would reimpose the original punishments on ZTE, overruling Trump's deal.

Trump has said he reviewed the penalties as a personal favor to Chinese President Xi Jinping. ZTE is not allowed to take any action or make any public statement, even indirectly, denying any of the allegations. "For me, it was more than that".

Florida Republican Sen. Marco Rubio added that the amendment was "Great news!" Rubio supports the new language in the defense bill. Several Senate sources told CNN their understanding was the Trump administration struck the deal before that language could become law and apply - something Van Hollen said was the case.

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A ban was placed on the firm that prevented it from buying parts from USA suppliers.

All members of its leadership at or above the senior vice-president level will be removed within the 30-day period, with a commitment they will not be rehired, along with any executives or officers tied to the wrongdoing, it said.

ZTE employs 70,000 workers in China and is the fourth-largest vendor of mobile phones in the U.S.

While the deal has come under sharp criticism by lawmakers - Senate Democratic Leader Chuck Schumer called it "weak as a wet noodle" - some have defended its merits and warned of risks to the ZTE penalties.

"We're just continuing the conversation", said Sen.

"ZTE should have a significant loss in FY18E due to the penalty in addition to near-term operational challenges due to management change and increased overseas growth uncertainties", Citi analyst Bin Liu wrote.

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