June 19, 2018 / 1:56 AM / 5 months ago

ZTE shares plunge after Senate bill passage sets up battle with Trump

HONG KONG, June 19 (Reuters) - Shares of ZTE Corp plunged on Tuesday after the U.S. Senate’s passage of a defense bill set up a potential battle with the White House over whether the Chinese telecoms firm can resume business with its U.S. suppliers.

This year, the Senate included an amendment that would kill the Trump administration’s agreement to allow ZTE to resume business with U.S. suppliers, one of the few times the Republican-led Senate has veered from White House policy.

ZTE’s Hong Kong-listed shares tumbled more than 20 percent and its Shenzhen shares fell by their daily limit of 10 percent.

Reporting By Anne Marie Roantree and Donny Kwok; Editing by Edwina Gibbs

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