Trump gives Huawei 'temporary license' after technology stocks tank

Trump gives Huawei 'temporary license' after technology stocks tank
Published: 22 May 2019 - 5:23 a.m.
Washington has eased trade restrictions on Huawei, temporarily, to contain the global fallout of tech stocks dropping after the Trump administration banned Huawei and forbade US companies from working with the chinese telecom.

In a report,  the US Commerce Department granted Huawei a 90 day license to buy U.S. goods until Aug. 19 to maintain existing telecoms networks and provide software updates to Huawei smartphones, a move intended to give telecom operators that rely on Huawei time to make other arrangements.

Huawei founder Ren Zhengfei on Tuesday told Chinese state media that the temporary relief meant little for the company as it had been preparing for this eventuality for a long time.

“The U.S. government’s actions at the moment underestimate our capabilities,” Ren said in an interview with CCTV, according to a transcript published by the Chinese state broadcaster.

The Commerce Department said it will evaluate whether to extend the license period beyond 90 days.

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