China demands release of Huawei executive

Asian markets tumble, China tech hit after Huawei arrest

Canadian officials arrested Huawei CFO Meng Wanzhou on Saturday.

"The appropriate authorities took the decisions in this case without any political involvement or interference ... we were advised by them with a few days' notice that this was in the works", Trudeau told reporters in Montreal in televised remarks. On Wednesday, China's embassy in Canada said it resolutely opposed the arrest and called for her immediate release.

"We have made solemn representations to Canada and the United States, demanding that both parties immediately clarify the reasons for the detention, and immediately release the detainee to protect the person's legal rights".

The arrest will not help the 90-day tariff truce the nations agreed after President Donald Trump and his Chinese counterpart Xi Jinping met at the G20.

Priscilla Moriuchi, a former East Asia specialist at National Security Agency now with the cybersecurity firm Recorded Future, said both ZTE and Huawei are wedded to China's military and political leadership.

The U.S. and Chinese tech industries depend on each other so much for components that "it is very hard to decouple the two without punishing U.S. companies, without shooting ourselves in the foot", said Adam Segal, cyberspace analyst at the Council on Foreign Relations.

Companies are barred from using the US financial system to funnel goods and services to sanctioned entities.

It added that it complies with all laws and regulations where it operates, including global sanctions. Huawei has released a statement saying she is facing extradition to the Eastern District of NY.

The Wall Street Journal reported this year US authorities are investigating whether Huawei violated sanctions placed on Iran.

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Huawei is the largest telecommunication equipment company and the world's second largest smartphone maker behind Samsung. "The Chinese government should seriously mull over the US tendency to abuse legal procedures to suppress China's high-tech enterprises".

The privately held company, based in southern China's tech hub of Shenzhen near Hong Kong, is the world's largest supplier of network gear used by phone and internet companies. Meng was detained in Vancouver but is facing potential extradition to the USA, which had earlier opened an investigation into whether Huawei sold equipment to Iran despite sanctions on exporting there. Neither the US nor Canada has provided an explanation for Meng's arrest, a spokesperson for China's ministry of foreign affairs said Thursday. Later, other sources claimed that the arrest had been made to investigate whether Huawei violated USA sanctions on Iran or not. "This is something that we get from the Justice Department", Bolton told National Public Radio.

"Markets were already nervous before this arrest information came out", said David Dollar, a senior fellow in the John L. Thornton China Center at the Brookings Institution who was an economic and financial emissary to China for the Treasury Department under President Barack Obama.

The Trump administration said that not only do Huawei and other Chinese firms have an unfair advantage on the world market because of government subsidies, but they are also possible national security threats from suspected spying.

David Mulroney, a former Canadian ambassador to China, said United States and Canadianbusiness executives could also face reprisals in China.

What are the concerns with Huawei?

"No matter what happens in the short term, (the arrest of Huawei's CFO) is a symptom of a long-term technology clash", said Derek Scissors, a China specialist at the conservative American Enterprise Institute.

"This is really not good for the Chinese-Canadian Trade relationship", Sui Sui, a Canada-China trade expert and professor at Ryerson University's Ted Rogers School of Management, told Yahoo Finance Canada.

Meng's arrest comes as Ottawa and Beijing have been engaged in exploratory talks on a free trade agreement for the past two years, which would be the first deal of its kind between China and a western country. The US later replaced the ban with a fine and governance changes.

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