Chinese Arrest Creates More Market Uncertainty

December 7, 2018 12:16 PM
 
Meng Wanzhou, daughter of the founder of cell phone giant Huawei and CFO of the company, was arrested Dec. 1, 2018—the same day that President Trump met with Chinese President Xi Jinping in Buenos Aires, Argentina.

Meng Wanzhou, daughter of the founder of cell phone giant Huawei and CFO of the company, was arrested Dec. 1, 2018—the same day that President Trump met with Chinese President Xi Jinping in Buenos Aires, Argentina. President Trump recently stated he was unaware of plans to arrest Wanzhou.

She was arrested in Vancouver, Canada while switching flights. News of the arrest shocked the markets into a sharp nosedive as traders showed their concerns over whether or not this news would derail planned trade talks, Reuters reports.

“To tell you the magnitude of this: she is the daughter of the founder of this company—so it’s very personal,” says AgWeb News Director John Herath to AgriTalk Host Chip Flory. “This is a bit of a continuing point of contention for the U.S. and China.”

Earlier this year U.S. officials told citizens not to buy Huawei phones or infrastructure for fear the company was using spy equipment on its products, Herath continues.

The New York Times recently reported the arrest was made in connection with alleged violations of trade sanctions placed on Iran. Reuters continues to say “the arrest was made at Washington’s request as part of a U.S. investigation of an alleged scheme to use the global banking system to evade U.S. sanctions against Iran.”

Read more about the arrest here: White House, Trudeau seek to distance themselves from Hauwei move.

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