HONG KONG—Shares of ZTE plummeted on June 19 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.
The 85-10 bipartisan vote—one of the few times the Republican-led Senate has veered from White House policy—came on the same day that U.S. President Donald Trump threatened to impose a 10-percent tariff on $200 billion of Chinese goods.
