Trump administration ready to ease ban on sales to Huawei

Partial lifting of sanctions may ease talks on trade war

Trump administration ready to ease ban on sales to Huawei                                 

The US government is planning to allow some companies to trade with the controversial Chinese Telecoms company Huawei, The New York Times reports.

The Trump administration banned Huawei from supplying telecommunication gear to US firms, and vice versa, in May, a decision supported by leading tech companies such as Google. The company is seen as a security risk in the US because its alleged closeness to the Chinese government.

However, the restriction has not yet come into effect, as the Department of Commerce delayed the ban on American companies supplying gear to Huawei for 90 days in August.

Big suppliers, such as Micron and Intel, are reported to be circumventing sanctions and supplying parts to Huawei. Now the US authorities plan to introduce licences that will allow chosen companies to bypass the restriction and sell non-sensitive parts to Huawei, sources say.

The plan has not yet been announced officially, but might be revealed as American and Chinese officials meet in Washington this week for trade talks. The NYT says restrictions on Huawei could be used as leverage in the talks.

The year-long US-China trade war is not only hitting the US and Chinese economies, but other Asian markets too. New tariffs on $112 billion of Chinese goods, imposed by the Trump administration, came into effect on September. 1. China responded with retaliatory tariffs targeting a total of $75 billion US goods.

FURTHER READING: Turkey cuts interest rate

FURTHER READING: TSB to close 82 branches in a bid to save £100m

FURTHER READING: 49% of British and American Citizens Do Not Trust Facebook’s Cryptocurrency

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with crypto or fiat
iMac Image