Published: Mon, July 01, 2019
Markets | By Otis Pena

Kudlow Says Huawei Reversal by Trump Isn’t ‘General Amnesty’

Kudlow Says Huawei Reversal by Trump Isn’t ‘General Amnesty’

Trump said this weekend that Huawei will still be part of trade discussions between the USA and China, but for the time being at least, United States companies will be allowed to sell to the Chinese firm, whose headquarters are in Shenzhen, China (pictured). "The GCSB [Government Communications Security Bureau] here have said that their concerns are totally un-influenced by politics, it's purely about the security of the situation and about Huawei's role in any future network build. they'll have to potentially revisit some of that commentary in light of all of this", he said.

"This is not a general amnesty, if you will", he said.

China's President Xi Jinping, right, greets US President Donald Trump before a bilateral meeting at the G20 Summit in Osaka.

Kudlow told Fox News Sunday and CBS Huawei would remain on an American black list as a potential security threat.

On Saturday, Senator Marco Rubio, Republican of Florida, termed Trump's move "a catastrophic mistake" and predicted that Congress would reinstate restrictions on Huawei through legislation that could attract a veto-proof majority. In a tweet Saturday, Sen.

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Lindsey Graham of SC, a key ally of the president, told CBS' Face the Nation the agreement was "clearly a concession" and also said it would be a mistake if sales to Huawei involved "major technology".

"At the request of our High Tech companies, and President Xi, I agreed to allow Chinese company Huawei to buy product from them which will not impact our National Security". "Donald Trump suggests he would allow #Huawei to once again purchase USA technology!" Last year, the president announced he would reverse a seven-year ban on the company's purchases of USA components and technology originally imposed by the Commerce Department amid accusations it violated sanctions on Iran and North Korea, tweeting that "Too many jobs in China lost".

The company's chief financial officer, Meng Wanzhou, was arrested in Vancouver on behalf of the U.S.in December. He said smartphone sales outside China will fall 40 per cent.

Huawei's founder, Ren Zhengfei, said earlier this month it has cut its project sales by $30 billion over the next two years due to curbs on access to American chips and other components.

Huawei's USA sales of network gear evaporated after a US congressional panel labelled the company a security threat in 2012 and told phone carriers to avoid it.

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