Prime Minister Boris Johnson is planning to reduce Huawei’s involvement in Britain’s 5G network in the wake of the coronavirus crisis, the Daily Telegraph newspaper reported.
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The US senate overwhelmingly approved legislation on Wednesday that could lead to Chinese companies such as Alibaba Group and Baidu being barred from listing on US stock exchanges.
China’s biggest technology firm, Huawei, has risen to global prominence as a leader in 5G. It’s also become a major target for the US as China’s technological prowess has grown along with its ambitions.
The Trump administration on Friday moved to block shipments of semiconductors to Huawei Technologies from global chip makers, in an action that could ramp up tensions with China.
The world’s biggest contract chip maker said it plans to build a $12-billion factory in the US in an apparent win for the Trump administration’s efforts to wrestle global tech supply chains back from China.
One of China’s best-performing stocks so far in 2020 is a little-known server maker that last year abruptly joined the same US blacklist that threatens Huawei Technologies’ survival.
Huawei has been barred from fully using Android for at least another 12 months, after Donald Trump extended his executive order banning US firms from working with companies deemed a national security risk.
Ever since Donald Trump fired the first shot in the US trade war with China, one technology company has been sitting in the middle, trying to avoid the crossfire.
Huawei rotating chairman Eric Xu said he’s aware of the potential for the US to tighten restrictions on the company. China wouldn’t tolerate such action and it would irrevocably damage the global supply chain.
The stock market’s latest plunge pulled global equities into a bear market with traders taking fright at the potential economic damage of the coronavirus.