China Trade Deal on Rocks as Huawei Plans Big US Layoffs – Market Realist

Huawei is preparing for “extensive layoffs” in the US, the Wall Street Journal reported on July 13. This latest development could put the US-China trade deal on the rocks. Huawei operates R&D operations through its subsidiary, Futurewei Technologies, across the US. The subsidiary has about 850 employees. According to the report, “Some of Huawei’s Chinese…

China Trade Deal on Rocks as Huawei Plans Big US Layoffs – Market Realist

Huawei is preparing for “extensive layoffs” in the US, the Wall Street Journal reported on July 13. This latest development could put the US-China trade deal on the rocks. Huawei operates R&D operations through its subsidiary, Futurewei Technologies, across the US. The subsidiary has about 850 employees. According to the report, “Some of Huawei’s Chinese employees in the U.S. were being given the option of returning home and staying with the company.”Huawei is struggling in the USPlanned layoffs from the world’s second-largest smartphone maker come after its months-long struggle in the country. In December 2018, Canadian authorities arrested Meng Wanzhou. She is Huawei’s chief financial officer and the daughter of Ren Zhengfei, the company’s founder. The US accused Wanzhou of covering up Huawei’s “links to a firm that tried to sell equipment to Iran despite sanctions,” Reuters reported.On May 15, Trump signed an executive order that restricted Huawei from selling devices in the US. The order cited national security threats. Trump also banned Huawei from transacting with US suppliers. These suppliers include Google (GOOG), Qualcomm (QCOM), Micron (MU), Advanced Micro Devices (AMD), NVID
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