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ZTE’s Shenzhen shares jumped by their 10 percent daily limit early on Monday, as investors brushed off ZTE’s forecast on Friday a net loss of up to 9 billion yuan ($1.35 billion) for the first half of 2018 due to the fine. Jefferies analyst Edison Lee estimated ZTE had an operating loss of up to 4 billion yuan for April-June due to suspending business when the ban was imposed. Lee said he expected ZTE to go to each of its non-Chinese telecommunications customers “and offer incentives of varying degrees to compensate for their hardship and reward their patience and loyalty”.
People familiar with the matter told Reuters that ZTE started reaching out to clients over the weekend with a letter promising to ramp up operations as quickly as possible, Many U.S, lawmakers see ZTE as a national security threat and, on Thursday, a group of Republican and Democratic U.S, senators urged ZTE’s penalties swank cufflinks be reinstated, The U.S, Senate paved the way for a showdown with U.S, President Donald Trump over the issue last month, when it passed an annual defense policy bill with an amendment that could reverse ZTE’s settlement..
The fate of the amendment remains unclear as the Senate and House have yet to reconcile their different versions. There is bipartisan support for the measure among members of Congress, but Republicans control both the Senate and House and party leaders rarely break from Trump’s policies. “The political nature of the issue and the fact that members of the U.S. Senate are not on board this decision makes it very tricky. Anything could happen,” said Batra. Others agreed the prospect of ZTE continuing as before was unlikely.
“In terms of carrier business, we think ZTE is still a competitive telecom equipment supplier, especially in the 5G era, and its return to business may help China’s 5G development to be back on track,” Nomura analysts wrote in a note to clients on Monday, “However, we think it remains uncertain as to what extent ZTE can win back the existing customers and explore new businesses.”, The ban had been a source of friction between the U.S, and Chinese governments at a time of escalating trade tension, The ban was imposed in April after Commerce Department officials said ZTE made false statements about disciplining 35 employees after it pleaded guilty last year swank cufflinks to violating U.S, sanctions by illegally shipping U.S, goods and technology to Iran..
TORONTO (Reuters) - Canadian government customs provisions are expected to soften the blow on the country’s powerful automotive industry from retaliatory tariffs on U.S. steel, according to trade lawyers and industry leaders bracing for higher costs. Decades-old programs reduce or refund import duties on supplies like steel when companies in Canada can show the material is used in export products. They could protect the auto industry’s supply contracts covering raw materials and parts, which often cross borders several times before a vehicle is finished.
While imposing tariffs against a long list of U.S, products this month, Canada clarified that “duties relief” and “duty drawback” programs would be available to Canadian exporters, “That provision in the notice is overwhelmingly directed at the auto industry,” said Jesse Goldman, a trade lawyer at Borden Ladner Gervais, Without drawbacks, Goldman said, the Canadian retaliation would have “very significantly and very quickly” hurt the industry, Some 85 percent of vehicles built in Canada in 2016 swank cufflinks were exported, meaning duty relief programs could refund roughly 85 percent of retaliatory tariffs paid by automakers..
Canada has vowed to defend the steel and aluminum industries, but vehicle manufacturing employs some 136,000, according to Statistics Canada, whereas only about 22,000 work in the steel sector, giving the government an incentive to shelter vehicle and parts makers from rising costs. “These existing programs continue to be in place and any changes would be done in consultation with the relevant stakeholders,” federal Finance Department spokesman Jack Aubry said when asked whether the programs would continue.
Automakers with operations in Canada include General Motors Co (GM.N), Ford Motor Co (F.N), Fiat Chrysler Automobiles (FCHA.MI), Toyota Motor Corp (7203.T) and Honda Motor Co (7267.T) which assemble vehicles, swank cufflinks as well as parts makers Magna International (MG.TO) and Linamar Corp (LNR.TO), Linamar Chief Executive Linda Hasenfratz said in an emailed statement the drawback programs are of particular benefit to her company, Canada’s second largest auto parts maker, since substantially all the steel that the company imports is later exported..