Trudeau says he had advance notice of Huawei executive's arrest

Asian markets tumble, China tech hit after Huawei arrest

The executive, who is also the daughter of the Chinese electronics and telecommunications multinational's founder Ren Zhengfei, was detained by Canadian authorities in Vancouver, British Columbia, on December 1.

China could "take hostages" and is nearly certain to retaliate against the United States, experts say, after the stunning arrest of a top Chinese tech executive for allegedly trying to skirt sanctions on Iran.

"She is sought for extradition by the United States, and a bail hearing has been set for Friday", Justice Canada spokesperson Ian McLeod told the News via email.

In 2012, HSBC paid $1.92 billion and entered a deferred prosecution agreement with the US attorney's office in Brooklyn for violating USA sanctions and money-laundering laws.

Huawei, now China's largest technology company by employees, with more than 180,000 staff and revenue of US$93 billion in 2017, started off selling digital telephone switches in the 1990s. A U.S. National Security Agency cybersecurity adviser, Rob Joyce, last month accused Beijing of violating a 2015 agreement with the U.S.to halt electronic theft of intellectual property.

Following the report, the USA eventually banned Huawei from bidding for US government contracts. Under Trump and his predecessor, Barack Obama, Washington has pressured European countries and other allies to limit use of its technology.

Canada's cyber security chief, however, said Ottawa was prepared for any possible retaliatory cyber attacks over the arrest.

Chinese officials are loudly calling for Meng's release and want Canada to reveal the reason for her arrest.

National security advisor and mustache aficionado John Bolton said in an interview with NPR that not only did they know Meng was going to be cuffed by Canadian authorities, but he was actually dining with Chinese President Xi Jinping when the arrest occurred. "Huawei has direct ties to the Chinese government and Communist Party, has long posed a serious risk to US national security". "The potential slowdown in global growth is also something the markets are pricing in".

However, according to analysts, this arrest will offset any optimism after the G20.

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Trump's tariff hikes this year on Chinese imports stemmed from complaints Beijing steals or pressures foreign companies to hand over technology.

A White House official told Reuters Trump did not know about a USA request for her extradition from Canada before he met Xi and agreed to a 90-day truce in the brewing trade war. President Trump has agreed to postpone planned tariff hikes on Chinese goods, while China has pledged to purchase a "very substantial" amount of American produce and curb the export of deadly opioid Fentanyl to the USA in exchange. Trump restored access after ZTE agreed to pay a $1 billion fine, replace its executive team and embed a USA -chosen compliance team in the company.

"The company has been provided very little information regarding the charges and is not aware of any wrongdoing by Ms. Meng".

Without providing any further detail, Bolton said that Huawei is a company that USA officials have been concerned about for a number of reasons. New Zealand and Australia already have.

The move by the U.S.is related to concerns that Beijing could be using Huawei's technology to spy on Americans. Chinese enterprises are often family businesses and family members take the best spots if they are qualified and interested, said Neil Abramson, a retired professor of business strategy at Simon Fraser University's Beedie School of Business.

But Huawei is not alone in having to deal with privacy troubles.

Huawei's involvement in 5G has compounded security concerns over the company even further.

Sen. Marco Rubio called for Meng's extradition. They urged him to keep Huawei off Canada's next-generation network. He said arresting her without that violated her human rights.

"The detainment of Huawei's CFO doesn't improve or worsen in any sense the security posture of Huawei with regards to Canada", Parsons said. "If I was an American tech executive, I wouldn't travel to China this week".

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