G20: Trump reverses US Huawei block

Huawei Allowed to Conduct Business with US Companies Again

U.S. ‘loosening’ Huawei ban, but company remains on blacklist: Trump adviser

At the weekend, Trump also offered to relax some restrictions on USA technology exports to China's telecoms giant Huawei, which American officials describe as a tool of Chinese espionage.

President Trump may have signaled Huawei's sales ban woes could be easing over the weekend, but the Chinese electronics company isn't out of hot water yet as further uncertainty clouds the compromise.

With the ban in place, companies couldn't sell United States technology to Huawei as the Trump administration said the Chinese company "engaged in activities that are contrary to USA national security or foreign policy interest".

US stock futures jumped ahead of Monday's open as investors reacted to the progress between the USA and China at the G20 as well as the historic meeting between President Trump and North Korean's leader Kim Jong Un.

Rumours have been circulating ever since the trade ban popped up that Huawei was working on its own operating system.

Huawei will continue to support the Google Android ecosystem, with future devices expected to continue with Android. "The Commerce Department will grant some temporary additional licences where there is a general availability" of the products to be sold, he added.

Since there are no licenses being granted and Huawei is still on the US Entity List, Google still isn't lifting its Android license revocation that's set to go into effect on August 19th.

The president said any final agreement "has to be better for us than for them", which he said marks a reversal from China having "such a big advantage for so many years". (TSMC), integrated circuit packaging and testing firm ASE Technology Holding Co., IC designer MediaTek Inc., and smartphone camera lens maker Largan Precision Co.

U.S. President Donald Trump attends a bilateral meeting with China's President Xi Jinping during the G-20 leaders summit in Osaka, Japan, June 29, 2019.

After saying for weeks that it has access to enough non-U.S. technology to carry on as usual, Huawei said last month it would take a $30 billion revenue hit.

The sanctions also prevent USA telecom companies from buying network equipment from Huawei based on national security grounds. This action put Huawei on the " list of entities" and prohibits Huawei from using USA products and technologies. But clearly security was never the issue with consumer goods and Huawei.

Insight from White House economic adviser Larry Kudlow.

Representatives of chipmakers last month met with Commerce Secretary Wilbur Ross and Treasury Secretary Steven Mnuchin to argue that the decision to place the company on a so-called entity list could hurt the country, people familiar with the meeting said.

But given that Mr Trump backtracked on the full force of his Huawei ban, Mr Reinsch said it was very possible that he will simply change his mind again.

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