Huawei Drops Lawsuit Against US Government

A court filing from Monday reveals that banned Chinese tech leader Huawei has dropped a lawsuit against the US government following the release of its seized telecom equipment. The US government had previously confiscated Huawei’s telecom equipment over suspicions that the company had violated export controls.

However, Huawei has now confirmed that the US government released the seized equipment after two years in August after evaluating and confirming that no export license was needed for it. Huawei has expressed its disappointment in the court filing in the government failing to provide an adequate explanation for detaining the equipment.

Amid escalating trade tenions with China, the US government had added Huawei to a trade blacklist, the Entity List, in May 2019. Washington alleges that the Chinese government uses Huawei’s technology to spy on international governments and citizens. As a result of this move, Huawei has been unable to procure technology and components from American companies without special approvals from the US government.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments