Categories Technology, U.S. Markets News

Days after truce, Huawei CFO’s arrest likely to break US-China ties

Amidst the rising trade tensions between the US and China, the 90-day temporary resolution reached at the Argentina G20 Summit last weekend had given a breather to the global markets. Though nothing exceptional was expected out of the Trump-Xi meeting, the fact that both the countries were ready to engage in a dialogue was seen as a positive sign.

US markets surged on Monday, led by Chinese and semiconductor stocks. However, in the following days, numerous critics had started expressed skepticism overreaching a permanent resolution.

Given this geopolitical scenario, the recent arrest of Huawei CFO Meng Wangzhou by Canada for allegedly violating trade sanctions is more than just a private-company affair. According to Canadian officials, the arrest was made on a request by the US, which has asked for her extradition.

The episode could now turn out to be the final nail in the coffin in the US-China spat.

Huawei is China’s tech darling, and the Asian country is not taking the arrest lightly. Calling the arrest a human rights violation, Chinese media is already depicting the incident as an open attack on Huawei. Backing this theory, various media houses point out how the US has been asking its allies, including New Zealand, Australia, and most recently the UK, to boycott Huawei products.

In a statement released on Thursday, Chinese Embassy in Canada said, “The Chinese side has lodged stern representations with the US and Canadian side and urged them to immediately correct the wrongdoing and restore the personal freedom of Ms. Meng Wanzhou.”

Trump effect and trade war: Markets slip on unclear China-US deal negotiations

Similarly, the US had earlier banned domestic suppliers from selling to Chinese telecommunications firm, alleging that the company violated trade sanctions that were imposed on Iran. Huawei was also being probed under similar charges, but it is not yet clear if the arrest is related to this allegation.

Semiconductor stocks around the globe tumbled on Thursday fearing that the crisis could escalate to unprecedented levels.  In the US, Qualcomm (QCOM) was down 2.2%, Broadcom down 2.7%, Intel (INTC) down 1.4% and Nvidia (NVDA) was down 1.2% during intra-day trading on Thursday.

 

Get access to timely and accurate verbatim transcripts that are published within hours of the event

Most Popular

AZO Earnings: AutoZone reports higher sales and profit for Q3 2024

Automotive parts retailer AutoZone, Inc. (NYSE: AZO) on Tuesday said its third-quarter net sales and earnings increased modestly from last year. The company reported net sales of $4.24 billion for the

Infographic: Key highlights from Macy’s (M) Q1 2024 earnings results

Macy’s, Inc. (NYSE: M) reported first quarter 2024 earnings results today. Net sales decreased 2.7% year-over-year to $4.8 billion. Comparable sales were down 1.2% on an owned basis and down

Here are a few reasons why Beyond Meat (BYND) appears to be beyond hope

Shares of Beyond Meat, Inc. (NASDAQ: BYND) rose over 1% on Monday. The stock has dropped 18% year-to-date. The company delivered disappointing results for the first quarter of 2024 and

Comments

  1. Pingback: Student Success
  2. Pingback: Character building
  3. Pingback: Academic Advising
  4. Pingback: Fiverr Earn
  5. Pingback: Fiverr Earn
  6. Pingback: fiverrearn.com
  7. Pingback: fiverrearn.com
  8. Pingback: TLI
  9. Pingback: red boost buy
  10. Pingback: fiverrearn.com
  11. Pingback: weather
  12. Pingback: fiverrearn.com
  13. Pingback: texas heeler
  14. Pingback: future university
  15. Pingback: Fiverr
  16. Pingback: Warranty
  17. Pingback: Piano storage
  18. Pingback: FUE
  19. Pingback: Office packing
  20. Pingback: Classic Books 500
  21. Pingback: FiverrEarn
  22. Pingback: Speaker
  23. Pingback: FiverrEarn
  24. Pingback: partners
  25. Pingback: Social Justice
  26. Pingback: FUE
  27. Pingback: live sex cams
  28. Pingback: live sex cams
  29. Pingback: live sex cams
  30. Pingback: FiverrEarn
  31. Pingback: FiverrEarn
  32. Pingback: FiverrEarn
  33. Pingback: FiverrEarn
  34. Pingback: FiverrEarn
  35. Pingback: FiverrEarn
  36. Pingback: FiverrEarn
  37. Pingback: FiverrEarn
  38. Pingback: wix login
  39. Pingback: business
  40. Pingback: Kuliah Termurah
  41. Pingback: FiverrEarn
  42. Pingback: FiverrEarn
  43. Pingback: FiverrEarn
  44. Pingback: cheap sex cams
  45. Pingback: fullersears.com
  46. Pingback: fullersears.com
  47. Pingback: fullersears.com
  48. Pingback: french bulldog buy
  49. Pingback: OnOverseas.Com
  50. Pingback: live sex cams
  51. Pingback: live sex cams
  52. Pingback: frt trigger
  53. Pingback: 늑대닷컴
  54. Pingback: Judi slot online
  55. Pingback: nang sydney
  56. Pingback: allgame
  57. Pingback: 918kiss
  58. Pingback: หวย24
  59. Pingback: K-beauty
  60. Pingback: pg slot
  61. Pingback: regles 421
  62. Pingback: Raahe Guide
  63. Pingback: Raahe Guide
  64. Pingback: Raahe Guide
  65. Pingback: upstate hotels
  66. Pingback: megagame
  67. Pingback: electronic visa
  68. Pingback: website
  69. Pingback: itsmasum.com
  70. Pingback: 321 chat
  71. Pingback: joker gaming
  72. Pingback: johannesburg jobs
  73. Pingback: beijing jobs
  74. Pingback: munich jobs
Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top