Connect with us

startups

Tech stocks slide after United States blacklist the company Huawei along with 70 affiliates

Published

on

Tech stocks slide after United States blacklist the company Huawei along with 70 affiliates

The United States has been trying hard for a long time for all their western allies to stop using equipment which is made by Huawei. Washington tries its level best to make it hard for all the Chinese telecom titan to grow its business in the States. The United States Department of Commerce has also announced that they will be adding 70 more affiliates along with Huawei and they will be calling them the Entity List. This will encourage other businesses to buy equipment from companies which are set in the United States.

Huawei is one of the biggest telecom equipment makers of the global market, but they rely highly on American suppliers. These new laws from the United States will end up making things much harder for the company. All the dramatic moves were made effective for Huawei and all of its affiliates. The shares of Tatfook Technology which generally sell to Bosch and Ericsson dropped by almost 2.84 percent. Huawei also saw a dip of 4.88 percent. There was also a key partner of Chunxing Precision Mechanical also had a dip of 5.37 percent.

There was absolutely no comment from Huawei directly after the release of the blacklist from the United States. Huawei also said:

“Restricting Huawei from doing business in the U.S. will not make the U.S. more secure or stronger; instead, this will only serve to limit the U.S. to inferior yet more expensive alternatives, leaving the U.S. lagging behind in 5G deployment, and eventually harming the interests of U.S. companies and consumers”

This is some of the hardest criticism that has been received by Washington. The 5G advancement in the world market will definitely affect because of Huawei. The Chinese company also said that it was unreasonable restrictions will infringe upon Huawei’s right and raise other serious legal issues

The President of United States Donald Trump declared a national emergency along with releasing the blacklisted list. He declared a national emergency over technology supply chain threats from the country’s foreign adversaries. The Department of Commerce also said:

 “Huawei is engaged in activities that are contrary to U.S. national security or foreign policy interest.”

The allies of the United States are all investigating the possibility of Huawei becoming a security threat on how close they should keep with Huawei. The company has also released a statement where they already took a bold step so that they can reassure their clients.

Huawei told the reporters that:

 “Willing to sign no-spy agreements with governments, including the U.K. government, meet the no-spy, no-backdoors standard.”

Huawei’s CFO Meng Wanzhou is also been arrested now because of breaching the United States sanctions in Iran.

Source

Joseph is a CEO at GadgetFreeks. He manages the entire news site. He is basically VP of Engineering at Brandwatch. Apart from tech, he likes to write about anything with interest him.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Happy Karwa Chauth Happy Karwa Chauth
Lifestyle2 days ago

Karwa Chauth 2019: Moonrise Time, Rituals, Puja Timings, Do’s And Don’ts- Know All About Karwa Chauth Festival

Karwa Chauth arrives once we are done with other festivals like Navratri, Durga Puja, and Dussehra. To be more precise,...

Karwa Chauth Wallpapers Karwa Chauth Wallpapers
Lifestyle2 days ago

Karwa Chauth 2019: Wallpapers, Stickers & Images for Whatsapp & Facebook

There are many festivals celebrated in India. Out of this Karwa Chauth is the most remarkable one. It is a...

Karwa Chauth Quotes Karwa Chauth Quotes
Lifestyle2 days ago

Happy Karwa Chauth 2019: Quotes, Captions, Shayari, Poems & Greetings on Cards

The one-day festival Karwa Chauth is a beautiful one as it is celebrated with great enthusiasm among the Indian women....

Karwa Chauth Wishes Karwa Chauth Wishes
Lifestyle2 days ago

Happy Karwa Chauth 2019: Wishes, Messages & SMS to share with Wife, Husband, Lovers & Couples

Karwa Chauth is an ancient Hindu festival of India that is celebrated by most of the women in India. The...

Karwa Chauth Status Karwa Chauth Status
Lifestyle2 days ago

Happy Karwa Chauth 2019: Status, Whatsapp Video Status & Story to Share with Wife, Husband, Couples & Lovers

There is a great significance of the word “Karwa Chauth”. The word “Karwa” means pot and “Chauth” means fourth in...

Boss Day Images Boss Day Images
Lifestyle2 days ago

National Boss’s Day 2019: Images, Pictures, Photos, Animated GIF & Whatsapp DP

Boss Day is also known by other names such as Bosses Day or International Boss Day. It is the day...

Boss Day Memes Boss Day Memes
Lifestyle2 days ago

National Boss’s Day 2019: Memes, Funny Jokes to troll with Boss’s on 16th October 2019

The concept of Boss Day is unique and important. It was first proposed by Patricia Bays Haroski in the year...

Karwa Chauth Images Karwa Chauth Images
Lifestyle2 days ago

Happy Karwa Chauth 2019: Images, GIF, HD Pics, Photos, Whatsapp DP for Wife, Husband & Couples

Karwa Chauth is the most important festival of India that is mainly celebrated by the Indian Women for the safety...

Boss Day Wallpapers Boss Day Wallpapers
Lifestyle2 days ago

Happy Boss Day 2019: Stickers, Wallpapers, and Images for Whatsapp & Facebook

The celebration of Boss Day has a special significance in the mind of every person. It is mainly celebrated to...

Microsoft and Apple have made a new iCloud for Windows app Microsoft and Apple have made a new iCloud for Windows app
apps3 days ago

Microsoft and Apple have made a new iCloud for Windows app

Microsoft and Apple have collaborated with each other so that they can come up with an iCloud drive experience. This...

Trending