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White House seeks to block Congress from killing ZTE deal: report

Reuters  |  WASHINGTON 

(Reuters) - The will try to derail an effort in the U.S. to block the Trump administration's deal to allow Corp, China's No. 2 maker, to resume doing with American suppliers, reported on Wednesday.

The issue encompasses U.S.-relations, national security, trade and Donald Trump's ties to fellow Republicans in the

The administration wants to change legislative language in a defense spending bill before the Senate, but will intervene later in the legislative process, said, citing a senior

The was expected to pass its bill as soon as this week. It will later need to be reconciled with a defense spending measure already passed by the

The was not immediately available for comment.

Republicans, who control both chambers of Congress, and Democrats expressed national security concerns about after it broke an agreement to discipline executives who had conspired to evade U.S. sanctions on and

The had banned the company but later moved to lift the ban. In a settlement with the U.S. Commerce Department, the company agreed earlier this week to pay a $1 billion fine, overhaul its leadership and meet other conditions, including putting $400 million in escrow in a U.S.-approved

A Commerce Department did not immediately respond to a request for comment on report.

ZTE shares plunged in Hong Kong and on Wednesday following the settlement, with investors wiping about $3 billion off its market value.

(Reporting by Karen Freifeld; writing by Susan Heavey; editing by Kevin Drawbaugh, and Jonathan Oatis)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 13 2018. 20:36 IST