Huawei’s founder Ren: Huawei expects no relief from US sanctions but is confident

Dhwani Mehta FXStreet

In an interview with Associated Press on Tuesday, the Chinese technology giant, Huawei, founder Ren Zhengfei said that he expects no relief from the US export curbs due to the political climate in Washington but expressed confidence the company will thrive because it is developing its own technology.

In response to Monday's announcement by the US on adding more of Huawei's subsidiaries to the entity list, Ren noted: "Whether the entity list is extended or not, that will not have a substantial impact on Huawei's business. We can do well without relying on American companies."

Further Comments:

Don’t want relief from the US sanctions if it requires China to make concessions in a tariff war, even if that means his daughter, who is under house arrest in Canada on U.S. criminal charges, faces a long legal struggle.

Huawei expects US curbs on most technology sales to go ahead despite Monday's announcement of a second 90-day delay.

No one in Washington would risk standing up for the company.

The risk sentiment remains tepid so far this Tuesday’s European trading, with USD/JPY testing lows near 106.40 amid weaker Treasury yields.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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