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China’s ZTE Stock Prices Plummet After US Deal

Shares of embattled Chinese telecommunications giant ZTE plunged more than 40 percent Wednesday, its first day of trading after agreeing to pay a $1 billion fine to the United States for violating trade sanctions.

ZTE nearly went under after the Trump administration imposed a seven-year ban on the company from buying crucial software and hardware components for its smartphones and other devices from U.S. companies. The ban was punishment for ZTE putting U.S.-built components in its products and selling those goods to countries under a U.S. trade embargo, including Iran and North Korea.

The sanctions were lifted after ZTE agreed to pay …read more