Huawei Issue Will Not Harm US Trade Talks With China

Huawei Issue Will Not Harm US Trade Talks With China

Huawei Issue Will Not Harm US Trade Talks With China

  • Huawei CFO Meng Wanzhou bail hearing underway in Vancouver

The White House economic adviser Larry Kudlow said Friday that he does not see the controversy surrounding China’s Huawei Technologies Co. Ltd. (a private company) spilling into the trade talks between the United States and China.

Huawei CFO Meng Wanzhou, 46 anni, under arrest in Canada appeared in a Vancouver court Friday for a bail hearing, as she awaits possible extradition to the United States.

Mr. Kudlow said Huawei had been warned for “quite some time” about violations on Iran sanctions, adding he remains optimistic about the trade talks.

Huawei CFO Meng Wanzhou, the daughter of the company founder, was arrested on 1 December at the request of the United States. The arrest, revealed by Canadian authorities late Wednesday, was part of a US investigation into an alleged scheme to use the global banking system to evade US sanctions against Iran.

The news raised the possibility of an escalation of the trade dispute between the US and China after a truce was agreed on Saturday evening between Presidents Trump and Xi in Argentina.

.Details of the case against Meng, to be heard in the Supreme Court of British Columbia, are sparse.

Canada’s Justice Department has declined to provide details of the case and Ms. Meng has secured a publication ban, which curbs the media’s ability to report on the evidence or documents presented in court.

Chinese Foreign ministry spokesman Geng Shuang said on Friday that neither Canada nor the United States had provided China any evidence that Ms. Meng had broken any law in those 2 countries, and reiterated Beijing’s demand that she be released.

Huawei said Friday the company had appointed Chairman Liang Hua as acting CFO following Ms. Meng’s arrest.

It is unclear where Ms. Meng is being held in Vancouver. Several lawyers have noted that detention facilities in the region are spartan and she would likely be sharing her quarters with other inmates.

Huawei, which employs about 1,000 people in Canada, faces intense scrutiny from many Western nations over its ties to the Chinese government, driven by concerns it could be used by Beijing for spying.

The United States has also been looking since at least Y 2016 into whether Huawei violated US sanctions against Iran.

Huawei, which generated $93-B in revenue last year and is seen as a national champion in China, has said it complies with all applicable export control and sanctions laws and other regulations.

America First!

 

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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