May 21, 2019

Stocks resilient in face of latest U.S. trade moves seen targeting China

18 May 2019, 04:27 | Glen Norman

‘US lagging behind in 5G’: China’s Huawei says Trump’s ban only hurts American consumers

Trump signs executive order clearing the way to ban Huawei from U.S. networks

One day after the U.S. moved to block Huawei from the United States market and banned the export of USA technology and materials to the company, China warned Washington Thursday against further harming trade ties.

The Commerce Department issued a rule, promised on Wednesday, putting Huawei and 68 affiliates in more than two dozen countries on its so-called Entity List, a move that bans the company from buying parts and components from American firms without US government approval.

Chinese telecoms equipment maker Huawei has a hidden "backdoor" on the network of a major Dutch telecoms firm, making it possible to access customer data, newspaper De Volkskrant said on Thursday, citing unidentified intelligence sources.

"Huawei will seek remedies immediately and find a resolution to this matter", the company said in a statement.

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5G's importance to emerging industries and its reliance on a complex mixture of software and hardware have countries like the US anxious that adversaries could easily hack the networks to access user data and divert communication traffic to their own servers. That prompted China to retaliate with a 25% tariff on $60 billion worth of US imports.

Asked whether China will retaliate by targeting certain U.S. companies, Lu said that as for foreign enterprises operating in China, there is no need for them to worry as long as their businesses are law-abiding. "China will take all necessary measures to protect Chinese companies' legal rights".

China is also angry about Canada's arrest of Huawei Chief Financial Officer Meng Wanzhou in December.

Details of how these export controls will work have not been released and it isn't yet clear whether restrictions on Huawei will cover all American components or only a narrow subset. Huawei, which has over and over denied the charges, did not quickly remark. "American officials say he would have no choice: Chinese law requires that the country's firms obey instructions from the nation's Ministry of State Security".

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"As the administration continues to seek a fair and enforceable trade deal with China, I urge them to stand strong on Huawei and hold the Chinese government and its state-owned and state-directed enterprises accountable for their hostile actions threatening USA economic and national security", Rubio added. It later revised the number of affiliates down to 68. "The U.S. can allow some companies to sell to Huawei while ultimately holding the cards". Requests for approvals for transactions will be reviewed under a "policy of presumption of denial", which suggests obtaining permission will be very hard. "It also gives the government an intelligence bonanza" in the form of a list of every US supplier to Huawei. What is the move that US President took? It would also be a relief to Huawei, because chip design is one area in which Chinese companies still lag behind the United States. The move is good news for Taiwanese companies manufacturing components for telecom products, according to the Minister of Economic Affairs, Shen Jong-chin (沈榮津).

Analysts say that the USA sanctions on Huawei are not limited to US companies. Shares of Xilinx closed down 7.3 percent while those of rival chipmaker Qualcomm Inc fell 4 percent.

The executive order comes at a delicate time in relations between China and the the world's two largest economies ratchet up tariffs in a battle over what USA officials call China's unfair trade practices.

The confrontation over Huawei comes amid a broader trade war between the USA and China, with both sides imposing aggressive tariffs on imports.

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Walmart Inc said prices for shoppers would rise because of higher tariffs on Chinese goods even as the world's largest retailer reported on Thursday its best comparable sales growth for the first quarter in nine years. According to diplomats, Germany, whose exports of cars and parts to the United States are more than half the European Union total, wants to press ahead with talks to ward off tariffs on automakers Volkswagen, Mercedes and BMW.

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