(Reuters Breakingviews) - Huawei is taking the trade war into uncharted territor...
FILE PHOTO: Small toy figures are seen in front of a displayed Huawei and 5G network logo in this illustration picture, March 30, 2019. REUTERS/Dado Ruvic/Illustration/File Photo
HONG KONG - Huawei is taking the trade war into uncharted territory. The onslaught by President Donald Trump’s administration on one of China’s biggest companies marks a worrying turning point. Such a relentless assault on a flagship corporate giant is virtually unprecedented. That makes everything much less predictable from here.
Huawei has been in caught in the crossfire for months. Even so, being added to a U.S. export blacklist last week dramatically worsened its predicament. Google, for one, suspended any business with the company that requires transfer of hardware, software and technical services, except those available via open-source licensing, Reuters reported.
There was some relief when Washington announced a temporary easing of restrictions on Monday. But that offers only limited comfort. Indeed, the real worry is not necessarily about the short-term impact to earnings, for either Huawei or suppliers. It is about the consequences of bombarding China’s 10th-largest non-financial company by revenue, one which accounts for about 0.2% of the country’s GDP, according to Capital Economics.
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