Huawei CFO arrested in Vancouver as US seeks extradition: Justice Department

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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. The Wall Street Journal reported this year United States authorities are investigating whether Huawei violated sanctions on Iran. Huawei also recently surpassed Apple as the second biggest maker of cellphones after South Korea's Samsung Electronics Co.

Asian markets and USA futures plummeted overnight as news broke that Huawei's CFO had been arrested in Canada to be extradited back to the US.

The bond market "has reignited the debate about what, if anything, the yield curve tells us about the prospects for the USA economy and the stock market", noted Oliver Jones, markets economist at Capital Economics, in a research note.

The blue chip index fell 799 points on Tuesday. Combine Apple, Cisco, and Booz Allen, and then imagine this company working very closely with the USA government, and you get a better sense of the significance of the company to China.

The news weighed on markets in Asia. Huawei has repeatedly insisted Beijing has no influence over it.

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. Trump and Xi had dined in Argentina on December 1 at the G20 summit. Meng is understood to still be in Canada where she has been held since her arrest on Saturday.

She was detained when she was transferring flights in Canada, it added.

"Huawei is considered the star of China's innovation-based technological development".

Confirming that China has lodged stern representations the United States and Canada, Geng demanded that Canada "immediately clarify the reasons for this detention, immediately release the detainee, and effectively protect the legitimate rights of the detainee".

The comments come after China's embassy in Ottawa issued a statement Wednesday calling Meng's arrest a serious violation of human rights. The company has been making a push to become the world leader in 5G technology and met with strong resistance from USA officials.

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James Lewis, the director of technology policy at the Center for Strategic and International Studies, told Axios the US should be prepared for a backlash and warned American tech executives to steer clear of China for now. "The company believes the Canadian and US legal systems will ultimately reach a just conclusion", the statement continued.

"I believe that China's government will use maximum force to fight for freedom and justice for Meng Wanzhou".

Jia Wenshan, a professor at Chapman University in California, said the arrest was part of a broader geo-political strategy from the Trump administration to counter China and it "runs a huge risk of derailing the US-China trade talks".

"You can play hardball with a small country but you can't do it with the US", he said. The Globe and Mail newspaper cited law enforcement sources as saying she is suspected of trying to evade USA curbs on trade with Iran. But if the transcript the SCMP obtained is genuine, the dialogue helps explain the background of Meng's arrest in Canada.

The arrest is related to violations of United States sanctions, a person familiar with the matter said. -China relations. As of this morning, that relationship appears very, very rocky.

"Without any solid evidence, the Canadian and U.S. governments trampled on worldwide law by basically "kidnapping" Chinese citizen Meng", an official with the Chinese Ministry of Commerce said in a Global Times op-ed.

In her early years at Huawei, she dealt mostly with administrative matters such as taking phone calls, typing, and producing product catalogues, as one of three secretaries in the company.

"So not respecting this particular arrest, but Huawei is one company we've been concerned about", he added.

New Zealand and Australia have stopped telecom operators from using Huawei's equipment in new 5G networks because they are concerned about possible Chinese government involvement in their communications infrastructure.

- ZTE case - News of her detention rippled through Asian stock markets, with Shanghai and Hong Kong falling and tech firms among the worst hit. Huawei suppliers AAC Technologies (AACAY) and Sunny Optical (SNPTF) both plunged around 6%.

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