Huawei placed on U.S. trade blacklist
The U.S. Commerce Department said on Wednesday it is adding Huawei Technologies Co Ltd and 70 affiliates to its so-called “Entity List”. This move bans the telecom giant from buying parts and components from U.S. companies without U.S. government approval.
Trump administration cracks down on Chinese tech firm and affiliates
Stocks impacted: Huawei Culture Co Ltd (002502)
The step will also make it difficult if not impossible for the largest telecommunications equipment producer in the world to sell some products because of its reliance on U.S. suppliers. Huawei, which denies its products pose a security threat, said it was "ready and willing to engage with the U.S. government and come up with effective measures to ensure product security." As a reminder, the Chinese giant reported first-quarter revenue of $27 billion last month and said it had shipped 59 million smartphones in the first quarter.
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