Huawei Finance Chief's Arrest Threatens To Inflame U.S.-China Tensions

Asian markets tumble, China tech hit after Huawei arrest

Asian markets tumble, China tech hit after Huawei arrest

China has offered a restrained response, only expressing public outrage over the arrest of Meng, the daughter of the founder of Huawei.

"Markets were already nervous before this arrest information came out", said David Dollar, a senior fellow in the John L. Thornton China Center at the Brookings Institution who was an economic and financial emissary to China for the Treasury Department under President Barack Obama. -Chinese cease-fire in a trade war that has its roots in Beijing's technology policy.

"So not respecting this particular arrest, but Huawei is one company we've been concerned about", he said.

The arrest of Meng Wanzhou, who is suspected of trying to evade USA trade curbs on Iran, could further complicate a trade standoff between Beijing and Washington.

Meng was detained by Canadian authorities in Vancouver on December 1 - the same day Mr. Trump met with China's leader.

Huawei, the biggest global supplier of network gear used by phone and internet companies, has been the target of USA security organizations.

"I can assure everyone that we are a country of an independent judiciary and the appropriate authorities took the decisions in this case without any political involvement or interference", Trudeau said. "As there is a publication ban in effect, we can not provide any further detail at this time".

"I think one of the key things is that we always have to be resilient no matter what the possible trigger could be", Scott Jones, director of the Canadian Centre for Cyber Security, told a press conference.

Meng's arrest has "potentially huge implications" for the trade war and signals the United States government is willing to get tough on Chinese companies that do business with Iran, according to Michael Every, head of Asia-Pacific research at investment bank Rabobank.

China reacted furiously Thursday after a top executive and daughter of the founder of Chinese telecom giant Huawei was arrested in Canada following a USA extradition request, threatening to rattle a trade war truce with the United States.

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A Chinese statement said Meng did not break any US or Canadian laws and that Beijing expected Canada to "immediately correct the mistake" and release her from custody.

He said he was not sure whether Trump - who had trumpeted his summit with Xi as "amazing and productive" as he flew back to Washington - was also aware. Canada must be careful not to damage its relationship with China, the report continues. President Trump has agreed to postpone planned tariff hikes on Chinese goods, while China has pledged to purchase a "very substantial" amount of American produce and curb the export of deadly opioid Fentanyl to the United States in exchange.

Meng Wanzhou, Huawei's chief financial officer, has been detained in Canada and may be extradited to the USA to face charges. The Shenzhen-based company said it complies with all applicable laws and regulations where it operates "including applicable export control and sanction laws and regulations of the UN, US and European Union".

The U.S. sees Huawei and smaller Chinese tech suppliers as possible fronts for Chinese spying and as commercial competitors. Chinese technology has been a particular bugbear for the US president, who has justified imposing tariffs on Chinese imports with allegations of intellectual property theft by Chinese companies.

In London, the stock market plunged by more than three percent.

Growing tensions between the US and China, Russia, and North Korea have caused global concern.

China's embassy in Canada protested at the arrest and demanded her release.

Sources told Reuters in April that United States authorities have been probing Huawei, one of the world's largest makers of telecommunications network equipment, since at least 2016 for allegedly shipping US-origin products to Iran and other countries in violation of U.S. export and sanctions laws. The daughter of the Chinese telecommunications giant's founder was arrested Saturday in Canada on USA request, in a move that threatens to inflame U.S. "We certainly don't inform the president on every one of them".

"China tends to treat us - and we allow ourselves to be treated - as if doing a trade deal with Canada is a favour they bestow on us, when, in reality, they want access to the Canadian market", he added.

Huawei's smaller rival, ZTE (ZTCOF), provides an example of how the United States government could go further.

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