The Trump administration's decision to sanction and potentially cripple Chi...
WASHINGTON/BEIJING - The Trump administration’s decision to sanction and potentially cripple Chinese telecoms giant Huawei Technologies Co Ltd garnered a sharp rebuke on Thursday from Beijing, which warned that the move could damage trade talks.
Huawei said in a statement that losing access to U.S. suppliers “will do significant economic harm to the American companies” and affect “tens of thousands of American jobs.”The U.S. crackdown, announced on Wednesday, was the latest shot fired in an escalating U.S.-China trade war that is rattling financial markets and threatening to derail a slowing global economy.
China’s Foreign Ministry also announced the formal arrest of two Canadian citizens who were detained shortly after Canada arrested Huawei Chief Financial Officer Meng Wanzhou in December. Lawmakers in the U.S. Congress have long feared Huawei’s equipment could be used by the Chinese government to spy on Americans, and the Trump administration’s move has won bipartisan support in Congress.
Warner also expressed concern about how the move would affect small U.S. rural carriers, who have relied on the cheaper Chinese equipment maker. He called a plan to replace the equipment “a potentially multi-billion dollar effort.”Chipmakers Qualcomm Inc and Xilinx Inc were down between 3% to just over 4% on Thursday and were the biggest drags on the Philadelphia SE Semiconductor Index.
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