John Bolton knew of Huawei arrest before Trump-Xi dinner

Asian markets tumble, China tech hit after Huawei arrest

The timing is particularly interesting given that Trump and Chinese leader Xi Jinping just agreed to commit to 90 days of trade negotiations to clear up the ongoing trade war between the two countries.

The news came as Washington and Beijing are set to begin negotiations aimed at de-escalating their bruising trade war, which is adding to deepening worries over higher US interest rates and other risks to global growth.

But China regularly asks other countries to extradite individuals for arrest, including from the USA and Canada. He said targeting Huawei, one of its most successful companies, "will trigger anti-U.S. sentiment".

Huawei Technologies Co Ltd's chief financial officer, Meng Wanzhou, the 46-year-old daughter of the company's founder, was detained in Canada on December 1. "I think because of the super-delicate phase that we're at in terms of U.S".

Reports say Ms Meng is facing extradition to the USA on suspicion she violated United States sanctions against Iran.

The British bank HSBC is cooperating with USA authorities in its investigation, people familiar with the matter said Thursday.

Nigel Inkster, a senior advisor at The International Institute for Strategic Studies and 30-year veteran with British intelligence service MI6, told Radio National's Breakfast program that "there clearly are risks" with using Huawei equipment, even if those risks are hard to define.

At the behest of the US, Huawei has already largely been excluded from participating in government 5G contracts in most of the five eyes countries. It said Huawei still is a supplier of other equipment and a "valued innovation partner". -Chinese cease-fire in a trade war that has its roots in Beijing's technology policy.

While the government promptly protested against the arrest and demanded her release, the Foreign Ministry later said it was waiting for details on her capture.

The arrest, revealed by Canadian authorities late on Wednesday, was part of a US investigation into an alleged scheme to use the global banking system to evade USA sanctions against Iran, people familiar with the probe told Reuters. "The company believes the Canadian and USA legal systems will ultimately reach a just conclusion", Huawei said.

In the view of the United States and many outside analysts, China has embarked on an aggressive drive to overtake America's dominance in technology and global economic leadership.

Trump tweeted that he shared Beijing's optimism about a potential trade deal.

Huawei is one of the Chinese government's pet companies.

In addition to Trump's tariffs, the administration is tightening regulations on high-tech exports to China.

Huawei's smaller rival, ZTE (ZTCOF), provides an example of how the United States government could go further.

Experts have warned that Meng's arrest could negatively impact trade negotiations between the USA and China, just as President Donald Trump has been hailing the success of a weekend meeting with Chinese counterpart Xi Jinping.

FILE - U.S. President Donald Trump's National Security Adviser John Bolton waits for the begenning of talks with Russian President Vladimir Putin in the Kremlin in Moscow, Russia, June 27, 2018. ZTE got off with paying a $1 billion fine, changing its board and management and agreeing to let American regulators monitor its operations.

The company has embraced emerging markets in Africa, India and other places, making more than US$100 billion revenue this year and has overtaken Apple as the second-largest smartphone manufacturer without even having access to the USA market, he said.

The arrest comes amid a trade war between the U.S. and China and has sent global stocks plunging.

Huawei is under intense scrutiny from Washington and other governments over its ties to the Chinese government, driven by concerns it could be used for spying. A 2012 report by the House Intelligence Committee report urged USA businesses to avoid their products and called for blocking all mergers or acquisitions involving them. Top carriers Verizon Communications and AT&T pulled out of deals to distribute Huawei smartphones earlier this year.

Huawei is a multinational Chinese telecommunications and electronics company founded in 1987 and based in Shenzhen.

Meng could also be fitted with electronic monitoring equipment, and the court could go so far as to order security to monitor her while she awaits a decision on extradition, lawyers said. "They may see that Canada has to do this, and the Canadian investment relationship is important".

He says he's had no direct or indirect conversations with the Chinese about the case.

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