Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Huawei to challenge U.S. export sanction which it says will harm America

Published 05/16/2019, 01:07 PM
Updated 05/16/2019, 01:07 PM
© Reuters. A security robot with Huawei 5G technology is displayed at an exhibition during the World Intelligence Congress in Tianjin

By David Shepardson and Diane Bartz

WASHINGTON (Reuters) - Huawei Technologies said on Thursday it will challenge a decision by the U.S. Commerce Department to add the Chinese company to a export blacklist, warning the decision "will do significant economic harm to the American companies with which Huawei does business."

Huawei said the decision will "affect tens of thousands of American jobs, and disrupt the current collaboration and mutual trust that exist on the global supply chain."

The Commerce Department did not immediately comment.

The decision by the Commerce Department to add the company and 70 affiliates to its so-called Entity List bans them from buying parts and components from U.S. companies without U.S. government approval.

U.S. officials told Reuters the order would also make it difficult, if not impossible, for Huawei, the largest telecommunications equipment producer in the world, to sell some products because of its reliance on U.S. suppliers. The order will take effect in the coming days.

The dramatic move comes as the Trump administration has aggressively lobbied other countries not to use Huawei equipment in next-generation 5G networks and comes just days after Washington imposed new tariffs on Chinese goods amid an escalating trade war.

Latest comments

china and India are same
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.