Canada defends Huawei arrest as markets wobble

Brent Lewin  Bloomberg via Getty Images

"The company believes the Canadian and US legal systems will ultimately reach a just conclusion", said a statement from Huawei. But Trump issued a reprieve, possibly in part because US tech companies are major suppliers of the Chinese giant and would also have been scorched.

Huawei's smaller rival ZTE Corp pleaded guilty past year to conspiring to evade embargoes by selling U.S. equipment to Iran. The Trump administration says they benefit from improper subsidies and market barriers.

"This reminds the Chinese, and ourselves, that we are part of an worldwide order backed by the U.S". -Chinese cease-fire in a tariff war over Beijing's technology policy.

The ar‌‌re‌s‌t was praised by at least one American official, Republican Senator Ben Sasse (Nebraska), who, in a statement, accused China of undermining the "national security interests" of the U.S."Sometimes Chinese aggression is explicitly state-sponsored and sometimes it's laundered through many of Beijing's so-called "private" sector entities that are in bed with [Chinese President] Xi's communist party", said Sasse.

"I don't see a way out of this", Scissors said.

"As a permanent member of the UN Security Council, China has been faithfully and strictly implementing all the resolutions adopted by the Security Council", he said. The Globe and Mail newspaper, citing law enforcement sources, said she is accused of trying to evade US curbs on trade with Iran.

"The appropriate authorities took the decisions in this case without any political involvement or interference", Trudeau told media in Montreal on Thursday. He noted there is a publication ban on the case and says can not comment further.

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Canadian Justice Department spokesman Ian McLeod said the U.S.is seeking Meng's extradition, but couldn't provide further details about the case because of the publication ban in effect at Meng's request.

"There have been global concerns about the two companies' ties with the Chinese government". Hong Kong's Hang Seng lost 2.5 percent and the DAX in Germany sank 1.8 percent.

S&P500 e-mini futures fell nearly 2 percent at one point in thin Asian morning trade and were last were down 1.3 percent.

"We have made solemn representations to Canada and the U.S., demanding that both parties immediately clarify the reasons for the detention, and immediately release the detainee to protect the person's legal rights".

Mulroney said the Meng case has brought Canada and China to an inevitable reckoning in their relationship. "China tension around geopolitics and techno-nationalism", he said of Meng's arrest. "Would not want to be a Canadian business leader in China right now".

China is confident they can reach a trade deal during the 90 days that Trump agreed to suspend US tariff hikes, said a ministry spokesman, Gao Feng.

Huawei's business in Iran grew after Western companies withdrew to protest a crackdown on demonstrators in 2009. But U.S. officials also worry more broadly that Chinese plans for state-led creation of Chinese champions in robotics, artificial intelligence and other fields might erode U.S. industrial leadership.

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She said Canada could also face backlash from Huawei, which employees over 500 people in the country and operates research facilities in Toronto, Ottawa and Waterloo, Ont.

Mr. Simon said the President has no authority to order the prosecution of an individual and any case against Ms. Meng would have been subject to "many levels" of review within the Justice Department before moving forward.

"The incident could turn out to be a breaking point", Zhu said.

The head of the UK's MI6 said this week that Huawei could pose a threat to British security and New Zealand has blocked its top telecom firm from using Huawei equipment for its 5G mobile network, citing "significant national security risks".

If Huawei is totally excluded from United States markets, as a result of this latest development, the chances are extremely high that China will retaliate in kind, excluding major U.S. tech companies from its markets.

An HSBC spokesperson declined to comment on Thursday. It said Huawei still is a supplier of other equipment and a "valued innovation partner".

Reuters reported that the US has been investigating the tech giant for using the global banking system in an effort to evade Washington's sanctions targeting Iran. ZTE got off with paying a $1 billion fine, changing its board and management and agreeing to let American regulators monitor its operations.

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Saudi Arabia's de facto ruler, quickly exited the stage without shaking hands or talking with other leaders. Khashoggi is said to have used the WhatsApp thread to engage in stern criticism of Bin Salman .

Huawei is regarded as far stronger commercially than ZTE.

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