financetom
Technology
financetom
/
Technology
/
Biden revoked 8 licenses for China's Huawei in 2024, document shows
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Biden revoked 8 licenses for China's Huawei in 2024, document shows
Jul 2, 2024 7:37 AM

WASHINGTON, July 2 (Reuters) - The Biden administration

has revoked eight licenses this year that had allowed some

companies to ship goods to Chinese telecoms equipment giant

Huawei, according to a document seen by Reuters, as it seeks to

pressure the resurgent company.

The Commerce Department, which oversees U.S. export policy,

said in May it had revoked "certain" licenses, as first reported

by Reuters, but did not specify the name or number of suppliers

that were impacted. Licenses for Qualcomm ( QCOM ) and Intel ( INTC )

were among those revoked, Reuters reported at the time.

"Since the beginning of 2024, (the Commerce Department) has

revoked eight additional licenses involving Huawei," the agency

said in the document, prepared in response to an inquiry by

Republican Congressman Michael McCaul.

Huawei did not immediately respond to a request for

comment. Qualcomm ( QCOM ) and Intel ( INTC ) did not immediately respond to

requests for comment outside of business hours.

The details shed new light on measures the Biden

administration is taking to thwart Huawei, as the company has

started to rebound despite Washington's efforts to cripple it on

national security grounds. Huawei has denied it is a security

risk.

It also comes amid pressure from Republican China hardliners

in Congress to hammer the company, which shocked industry last

August with a new phone powered by a sophisticated chip

manufactured by Chinese chipmaker SMIC despite U.S.

export restrictions on both companies.

The phone helped Huawei smartphone sales spike 64% year on

year in the first six weeks of 2024, according to research firm

Counterpoint. Its smart car component business has also

contributed to Huawei's resurgence, with the company notching

its fastest revenue growth in four years in 2023.

Huawei was placed on a U.S. trade restriction list in 2019

amid fears it could spy on Americans. Being added to the list

means the company's suppliers have to seek a special,

difficult-to-obtain license before shipping.

But Huawei suppliers have received licenses worth billions

of dollars to sell Huawei goods and technology, thanks to a

policy introduced by the Trump administration that allowed a

much broader swathe of items to flow to the firm than is typical

for an entity-listed company.

According to the document, set to be sent to McCaul on

Tuesday, license approvals for Huawei include "exercise

equipment and office furniture and low-technology components for

consumer mass-market items, such as touchpad and touchscreen

sensors for tablets," which are widely available in China from

Chinese and foreign sources, Commerce said.

The summary also states that from 2018 to 2023, the agency

approved $335 billion worth of licenses out of a total $880

billion applications seeking permission to sell to Chinese

parties on the entity list. Of those approvals, $222 billion

worth came in 2021, Biden's first year in office, out of $560

billion in applications received that year, the agency added.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US trade chief Tai lauds Canada's steep new tariffs on Chinese EV, metals
US trade chief Tai lauds Canada's steep new tariffs on Chinese EV, metals
Sep 1, 2024
WASHINGTON (Reuters) - U.S. Trade Representative Katherine Tai on Thursday gave a strong endorsement to Canada's decision to impose a 100% tariff on Chinese-made electric vehicles and 25% on Chinese steel and aluminum as she finalizes U.S. duties planned at similar rates. In a statement issued by her office, Tai applauded Canada's decision to take strong action against China's state-directed,...
Italian fintech Objectway seeks new investor, sources say
Italian fintech Objectway seeks new investor, sources say
Sep 1, 2024
LONDON, Aug 30 (Reuters) - Italy's Objectway, a software provider serving wealth managers, private banks and life insurers, is looking to bring in a new investor and has hired investment bank Houlihan Lokey ( HLI ) to lead the search, two people close to the matter said. With earnings before interest, tax, depreciation and amortisation of around 30 million euros...
Telegram Derives 40% Of Its Revenue From Crypto-Related Operations
Telegram Derives 40% Of Its Revenue From Crypto-Related Operations
Sep 1, 2024
Telegram, the company co-founded by Pavel Durov, the Russian-born billionaire who has been indicted in France for allegedly failing to control criminal content on his platform, derives a significant share of its revenue from crypto-related operations. What Happened: Telegram’s 2023 financials reveal that a significant portion of its revenue comes from crypto transactions. The company, incorporated in the British Virgin...
Trillion-dollar companies: 7 most valuable mega-cap stocks
Trillion-dollar companies: 7 most valuable mega-cap stocks
Sep 1, 2024
The most valuable companies in the world have grown to impressive heights in recent years, with seven publicly traded companies reaching market capitalizations of $1 trillion or more. All but one of the companies come from the tech sector, with many offering products and services that consumers use every day. Several of them also made it onto Bankrate's list of...
Copyright 2023-2025 - www.financetom.com All Rights Reserved