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Acting Attorney General Matthew Whitaker announced indictments against Huawei Technologies Co Ltd of China, several of its affiliates and its chief financial officer Meng Wanzhou last night. Photo: Joshua Roberts / Reuters
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Expectations of a breakthrough in the US-China trade negotiations were hit hard, after the US authorities hit the Huawei technology company from a series of criminal charges.
The US Department of Justice has charged Huawei with bank fraud, obstruction of justice and conspiracy to launder money for allegations that he plotted to violate the sanctions imposed by Iran. Chief Financial Officer Meng Wanzhou has also been indicted and faces extradition to the United States.
Meng and Huawei are accused of using an affiliate, Skycom Technologies, to deal with sanctioned Iran – a violation of the International Economic Emergency Rights Act (IEEPA). US officials believe that Huawei has committed fraud by lying to the banks, distorting their relationship with Skycom.
Huawei is also accused of robbing robotic technology at the American company T-Mobile. Acting Attorney General Matthew Whitaker said Huawei had made a "concerted effort" to steal this smartphone test system.
The company denies the charges, noting that it has already entered into a civil agreement with T-Mobile on "Tippy".
Robin Brant 洛宾
(@Robindbrant)The case is based on claims @Huawei stole a robot test device called Tappy's @T Mobile (this is already part of a settled civil case) pic.twitter.com/vYZIEBDYjL
FBI director Christopher Wray said the accusations followed years of investigative work and Huawei should not be welcome in the US at all.
Wray said:
"These cases clearly show that, as a country, we need to carefully consider the risk that companies such as Huawei represent if we allow them to enter our telecommunications infrastructure. The FBI will not tolerate or tolerate companies that violate our laws, hinder our justice and endanger our national security. "
China quickly responded, calling the accusations unfair and immoral.
This decision comes just days before a Chinese delegation led by Deputy Prime Minister Liu He arrived in Washington for crucial trade talks. If no agreement is reached next month, Donald Trump will increase tariffs on thousands of Chinese products from 10% to 25%, which could hurt trade and aggravate the economic slowdown.
Also coming today
The pound could be volatile tonight, as MPs vote on a series of amendments to Brexit, including Graham Brady's plan to remove the Irish backstop and Yvette Cooper's decision to exclude the No-Deal and to delay Brexit.
The Parliament's Treasury Committee will also put Brexit in the spotlight; they will hear John Glen MPEconomic Secretary to the Treasury, Andrew Bailey, CEO of the Financial Conduct Authority and Deputy Governor of the Bank of England Sam Woods this morning.
In addition, new US data on housing and consumption will show how well the US economy is doing in the face of the trade war.
L & # 39; s calendar
- 9:15 GMT: Treasury Committee hearing on UK-EU economic relations
- 14:00 GMT: Case-Shiller index of US real estate prices in November
- 15:00 GMT: US consumer confidence for January
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