Asian markets tumble, China tech hit after Huawei arrest

Huawei CFO Wanzhou Meng arrested in Vancouver, faces extradition to U.S.

Huawei's global chief financial officer arrested in Vancouver

Huawei issued a statement saying Meng was changing flights in Canada when she was detained "on behalf of the United States of America" to face "unspecified charges" in NY.

"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.

Some element of calm was restored in Asia on Wednesday after supportive comments from Beijing - its first reaction to hopes a new trade agreement between the USA and China could be reached within a 90-day deadline.

Beijing has called for Meng's release, and the Chinese embassy in canada said that her arrest "seriously harmed the human rights of the victim".

But China's government says that she hasn't broken any US or Canadian laws, and is demanding that Canada "immediately correct the mistake" and release her.

In an incident similar to Meng's case, ZTE's chief financial officer was stopped at Boston's Logan Airport during the USA investigation of that company, according to sources familiar with the case.

Chinese media have lashed out at the U.S. over the arrest of senior Huawei executive Meng Wanzhou, accusing the country of using "hooliganism" to suppress the Chinese telecom giant at the centre of what is turning into a major diplomatic incident. "The company believes the Canadian and USA legal systems will ultimately reach a just conclusion", the statement continued.

In its statement Wednesday, Huawei said the company complies with all laws and regulations in the countries where it operates, including applicable export control, sanction laws and regulations of the United Nations, the United States and the European Union.

State-run China Daily said the arrest of Huawei's chief financial officer appeared to be part of U.S. efforts to contain the company, which is the world's largest telecoms equipment provider, as well as its second-largest mobile phone maker.

Huawei has the second-largest share of the global smartphone market, beating out Apple.

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China, Russia and Saudi Arabia are among the countries with no USA extradition treaties.

Huawei is one of the world's largest telecommunications equipment and service providers. 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. Her arrest follows reports this year that the Justice Department was investigating whether Huawei had violated American sanctions on Iran.

The White House says Trump and his close aides were not aware the U.S. planned to place an extradition request for Meng ahead of his dinner with Xi on Saturday.

Meng was arrested in the western city of Vancouver on December 1, Canada's ministry of justice said in a statement. Since then, Huawei is facing operational difficulties in the United States and some other countries like Australia, New Zealand, etc.

What are the concerns with Huawei?

"It certainly raises concerns about the future of talks.this is certainly another step-back in the ongoing trade negotiations".

David Mulroney, a former Canadian ambassador to China, said US and Canadian business executives could face reprisals in China.

"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.

Connor Campbell, an analysts at Spreadex, wrote: "The Huawei arrest appears to be the straw that broke the camel's back".

Canada was bracing for a fallout in relations with China, which has been increasingly willing to punish countries it sees as countering its interests.

Bolton told NPR that Huawei has represented "enormous concerns for years" for the United States over the theft of American intellectual property and forced technology transfers, two notable issues the administration is seeking to resolve as part of the trade negotiations. The US later replaced the ban with a fine and governance changes.

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