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Huawei Founder Says US Ban May Cost Company $30 Billion

By Yana Berman

Chinese tech giant Huawei is expecting a $30 billion decrease in revenue over the next two years, AP reports Monday, June 17.

Huawei Founder Says US Ban May Cost Company $30 Billion

The gloomy forecast was made by CEO and founder of Huawei, Ren Zhengfei. Speaking at a panel at the company's headquarters, Zhengfei compared Huawei to a badly damaged plane.

Ren Zhengfei thinks that both the U.S. and China will suffer from the U.S. ban on Huawei production. "No one will win," he summarized.

First criminal charges against Huawei in the U.S. emerged as early as January 2019. The Department of Justice alleged that the Chinese company is involved in banking fraud, intellectual property theft, violation of U.S. sanctions against Iran and more.

Meanwhile, Canada has been proceeding with the case of Meng Wanzhou, the chief financial officer of Huawei who was arrested in the country late last year. Wanzhou is set to challenge a U.S. extradition request on fraud charges next January.

On May 16, the U.S. administration added Huawei to a list of companies which are banned from supplying telecommunication gear to U.S. firms.

On May 20, Google supported the ban, suspending parts of its business which require the exchange of hardware or software and technical services with Huawei. However, the users who own Huawei devices are still able to use and download app updates provided by Google.

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