Trump has signed an executive order to ban foreign telecoms equipment
18 May, 2019, 04:25
Placing Huawei on the US's entity list also bans it from acquiring American companies without politicians' approval, which both thwarts IP transfer to China and allows Trump and pals the ability to directly disrupt Huawei's business growth plans.
At the same time, Canada suffered a fresh blow when Beijing formally arrested two Canadians who have been detained for months on national security grounds, a move widely seen as retaliation for Ottawa's arrest of a Huawei executive past year at Washington's behest.
The pain for Huawei's supply chain would be redoubled if the trade war were to send shock waves through the larger Chinese technology industry.
Trade talks had looked close to collapsing in the past week after a dispute over Chinese changes to a draft text prompted the United States to hike tariffs on Chinese goods and Beijing to retaliate with higher duties on USA products.
"The bigger concern would be [that] USA allies that used to buy Huawei's components may not continue businesses with Huawei, because of fear of possibly upsetting the United States", said Doh Hyun-woo, an analyst at NH Investment & Securities in Seoul.
"We are ready and willing to engage with the USA government and come up with effective measures to ensure product security", the company said in a statement. Meng faces extradition to the United States on charges that she conspired to defraud global banks about Huawei's relationship with a company operating in Iran.
The company has vehemently denied the allegations and insists it is independent from state control.
While Canada says China has made no specific link between the detentions of the two men and Meng's arrest, experts and former diplomats say they have no doubt it is using their cases to pressure Canada.
Shortly after Trump's executive order, "the Commerce Department said it had added Huawei and 70 affiliates to its so-called Entity List-a move that bans the telecom giant from buying parts and components from U.S. companies without United States government approval", Reuters also wrote. It later revised the number of affiliates down to 68.
The order takes effect immediately, a Commerce Department spokesman said, although it will not be formally published in the Federal Register until Tuesday. Requests for approvals for transactions will be reviewed under a "policy of presumption of denial", which suggests obtaining permission will be very hard.
As negotiations towards resolving the U.S.
Lu gave no details, but analysts warned the export controls threaten to worsen a U.S.
Trump, who has embraced protectionism as part of an "America First" agenda, has railed against what many USA and European officials and companies describe as China's unfair trade practices, including forced technology transfers and intellectual property theft. Shares of Xilinx closed down 7.3 percent while those of rival chipmaker Qualcomm Inc fell 4 percent. Of course, Huawei's addition to the list isn't only about the U.S. Earlier this year, President Trump announced a national emergency to help garner funds for the wall on the US-Mexico border.
Walmart Inc said prices for shoppers would rise because of higher tariffs on Chinese goods even as the world's largest retailer reported on Thursday its best comparable sales growth for the first quarter in nine years.
Three differences remain between the two countries, according to China.
"There's other things they can do, and M&A would certainly be one thing", said Stacy Rasgon, an analyst with Bernstein. Up to this point, China has hoped to succeed in making a deal on trade and has thus avoided doing anything to blow up the process.
Washington lawyer Douglas Jacobson, a trade expert, said there would be collateral impact on the USA companies that sell to Huawei.
Ordering replacement parts could become a problem if transactions with Huawei are banned, Bennet said late Thursday morning.
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