A Quarter of Chinese Stocks Crash 10% as Trump Threatens Another $200 Billion in Tariffs

#17104
Helmholtz Watson
Participant

U.S. Senate has voted to reinstate sanctions on Chinese telecommunications company ZTE.

This becomes HUGE in the trade debate. If it becomes law, the amendment will ban ZTE from buying U.S.-made parts for seven years – the same ban that forced the company to halt most operations when it was first introduced in May.

Under a deal announced earlier this month, the White House agreed to lift the ban, while ZTE agreed to pay a $1 billion fine and leave $400 million in escrow to cover any future violations. The ZTE sanctions approved by the Senate are included in the National Defense Authorization Act (NDAA), which provides $716 billion for national defense priorities.

The House version of the Act does not include the ZTE ban.