Questions surround Huawei CFO's arrest in Vancouver

Asian markets tumble, China tech hit after Huawei arrest

The CFO's arrest could be regarded back home as an attack on one of China's foremost corporate champions. Meng was detained in Vancouver on Saturday, the day President Donald Trump met with his Chinese counterpart Xi Jinping in Argentina.

The U.S. stock market also took a nosedive on Thursday in response to the news, National Public Radio reported.

That same month, Washington barred Huawei rival ZTE Corp. from exporting US technology in a separate case over exports to Iran and North Korea. -China trade war? The sanctions investigations long preceded the trade war. "It pulls in: Who is going to be the world leader essentially".

"Americans are grateful that our Canadian partners have arrested the chief financial officer of a giant Chinese telecom company for (allegedly) breaking USA sanctions against Iran", he said.

"(Canada) arrested a Chinese citizen (who did not violate) any Canadian or American law", the statement said.

An anonymous Canadian law-enforcement source told The Globe and Mail that the United States is alleging Meng tried to evade USA sanctions against Iran.

Meng's arrest and detention have only amplified the already-tense state of U.S.

The "message is clear - the United States is closing the borders to many Chinese technology companies", said Neil Campling, co-head Global Thematic Group at Mirabaud Securities. A U.S. National Security Agency cybersecurity adviser, Rob Joyce, last month accused Beijing of violating a 2015 agreement with the U.S.to halt electronic theft of intellectual property.

A spokesman for the US attorney's office in Brooklyn, which Reuters has reported is the office investigating Huawei, also declined to comment. Under Trump and his predecessor, Barack Obama, Washington has pressured European countries and other allies to limit use of its technology.

Meng's arrest drew a quick reaction in Washington.

China's foreign ministry is demanding that Canada release Meng, the chief financial officer of Huawei Technologies, and the daughter of its founder.

The tensions between the USA and Huawei started a few months ago due to allegations of spying by the Chinese government using Huawei's equipment.

However, according to analysts, this arrest will offset any optimism after the G20.

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In addition to Trump's tariffs, the administration is tightening regulations on high-tech exports to China.

Hong Kong-listed ZTE, which was subject to a U.S. banning order earlier his year over security fears before that was reduced to a massive fine, was nearly five percent down. Authorities have suspected the company has been involved in defying sanctions on Iran since 2016, when the US investigated Huawei's Chinese rival ZTE over similar violations.

ZTE agreed to pay a $1 billion fine and replace its entire board of directors.

The company also said it was "not aware of any wrongdoing" by Meng. He said targeting Huawei, one of its most successful companies, "will trigger anti-U.S. sentiment".

The Israeli actress Gal Gadot also became the company's USA brand ambassador for its Mate 10 Pro smartphone, an announcement that came after AT&T pulled out of a deal to sell Huawei's phones.

And almost a year ago, AT&T pulled out of a deal to sell Huawei smartphones.

Earlier this year the Australian Government banned Huawei from taking part in the rollout of 5G mobile infrastructure over national security concerns.

Canadian officials said Meng faces possible extradition to the United States. They urged him to keep Huawei off Canada's next-generation network.

Canadian authorities said they have arrested Huawei's chief financial officer Meng Wanzhou.

It's been reported that Ren wasn't that impressed with his daughter, but she rose up in the company through hard work rather than privilege, said Wenran Jiang, a senior fellow at the University of British Columbia's Institute for Asian Research.

Huawei is privately held and describes itself as employee-owned. "If I was an American tech executive, I wouldn't travel to China this week". Beijing must develop innovative technologies to keep its economy growing as its labor force ages and it confronts a huge stockpile of debt. "I don't see the basis on which this could be quashed by Canada", he said.

The Globe and Mail newspaper, citing law enforcement sources, said she is accused of trying to evade USA curbs on trade with Iran.

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