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ZTE's fate uncertain after US Senate vote; shares, US suppliers slide

ZTE's Hong Kong-listed shares tumbled as much as 27 per cent to HK$9.56, their lowest level in nearly two years, before ending the day down 25 per cent

Reuters  |  Hong Kong 

Shares of ZTE Corp and its American business partners took a hit on Tuesday after the US Senate’s passage of a defence bill set up a potential battle with the White House over whether the Chinese telecoms firm can resume business with US suppliers. The 85-10 bipartisan vote marked one of the few times the Republican-led Senate has veered from White House policy and came on the same day that US President Donald Trump threatened to impose a 10 per cent tariff on $200 billion of Chinese goods, escalating tensions between the world's two biggest economies. Trump is ...

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First Published: Wed, June 20 2018. 02:31 IST
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