The US crackdown, announced on Wednesday, was the latest shot fired in a US-China trade war that is rattling financial markets and threatening to derail a slowing global economy.
WASHINGTON/BEIJING – A US bid to block China’s Huawei Technologies from buying vital American technology threw into question prospects for sales at some of the largest tech companies and drew a sharp rebuke from Beijing, further ratcheting up tensions over trade.
Trade talks had looked close to collapsing in the past week after a dispute over Chinese changes to a draft text prompted the United States to hike tariffs on Chinese goods and Beijing to retaliate with higher duties on US products. Meng faces extradition to the United States on charges that she conspired to defraud global banks about Huawei’s relationship with a company operating in Iran. She and the company deny the charges.
US lawmakers have long feared that the firm’s equipment could be used to spy on Americans, and Democrats and Republicans lined up in support of the Trump administration’s move.Susquehanna Financial Group analyst Christopher Rolland, who said he believed Huawei had built up a one-to-two-year supply of US components, cut price targets on several microchip companies, including Xilinx Inc. Shares of Xilinx closed down 7.3% while those of rival chipmaker Qualcomm Inc fell 4%.
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