China telecom giant ZTE got back into business Wednesday after a two-month suspicion, instantly plunging 39% during Hong Kong morning trade.
The ZTE settlement came days after Beijing reportedly offered to boost purchases of American goods by $70 billion in order to fight a trade imbalance with the United States, while US President Trump has demanded a $200 billion reduction in its trade deficit with China over two years.
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In April, the US prohibited the telecom equipment maker from acquiring parts from US companies, including Qualcomm, Corning, and Google, over suspicions that ZTE might have supplied equipment to Iran and North Korea.
Zhongxing Telecommunications Equipment (ZTE) Corporation is a Chinese company headquartered in Shenzhen, Guangdong, China.