A White House move to prevent Chinese telecom giant Huawei from doing business in the U.S. escalates America’s trade war with China beyond tariffs. Experts warn that Beijing may retaliate by hindering or even blocking big U.S. companies from doing business in China. The battle also reveals global competition over 5G, the high-speed telecom networks expected to power a range of enhanced digital services. Moves by the White House and the Commerce Department to restrict Chinese telecommunication giant Huawei from doing business in the U.S. risk intensifying an already fierce trade war with China. “The Trump administration action is a grave escalation with China that at minimum plunges the prospect of continued trade negotiations into doubt,” analysts at Eurasia Group wrote in a report. “Unless handled carefully, this situation is likely to place U.S. and Chinese companies at new risk.” Here’s a look at what happened and why it could open a dangerous new front in the dispute between the world’s two largest economies. What the U.S. did Mr. Trump on Wednesday issued an executive order that bans U.S. phone carriers from using technology by “foreign adversaries” deemed to pose “unacceptable risks” to national security. While the order doesn’t… Read full this story
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