Trump Administration considers to ban Huawei from U.S. banking system

128338

Trump Administration considers to ban Huawei from U.S. banking system

Chinese telecoms giant, Huawei came into the spotlight again amid the prolonged U.S.-China tensions as the Trump Administration reportedly considered banning the company from the U.S. financial system earlier this year.

According to a Reuters report, the White House has considered putting Huawei on the Department’s Specially Designated Nationals list, rendering the company unable to trade in U.S. Dollar.

Huawei has yet to respond to the report. Though, the company is already starting to minimize U.S. influence in its operations should the ban occur.

U.S. Commerce Department Secretary Wilbur Ross said that Huawei has been encouraging its suppliers to violate US law by telling them to move operations offshore in a bid to avoid US sanctions.

In May, Huawei was put on a trade blacklist by the U.S. over national security concerns. Suppliers had to apply for special licenses to sell equipment to Huawei.

The information and recommendations contained in this analytical document are published strictly for information purposes and are not considered as an offer to buy or sell the trading tools mentioned above and are not intended to motivate to perform certain transactions
Something went wrong
Message: