China's Huawei finance chief arrested in Canada, faces extradition to US

US prosecutors were investigating whether Huawei violated US sanctions on Iran

Reuters was unable to determine the precise nature of the possible violations. The Globe and Mail newspaper, citing law enforcement sources, said she is suspected of trying to evade US curbs on trade with Iran.

-China relations. Though Trump and Chinese President Xi Jinping announced a temporary truce in a tariffs war - with Trump agreeing to suspend US tariff hikes for a period - a more permanent resolution is nowhere in sight. By lunch Shanghai was 1.3 percent lower while Hong Kong was 2.6 percent off.

Global markets have plummeted - and Australian shares are expected to follow - after a fresh twist in the US-China trade war.

Asked about the report that Huawei was under investigation, Hua said in April, "We hope the USA will refrain from taking actions that could further undermine investor confidence in the USA business environment and harm its domestic economy and normal, open, transparent and win-win global trade".

U.S. national security officials have said Huawei poses a security risk due to its alleged close links to the Chinese government. It has been locked out of the United States and some other markets for telecom gear.

Some Western governments fear Beijing will gain access to fifth-generation (5G) mobile and other communications networks through Huawei and expand its spying ability, although the firm insists there is no government control.

Huawei, in that statement, also said the company complies with all applicable USA and Canadian laws.

Despite that, her arrest is unlikely to derail trade talks, said Willy Lam, a politics specialist at the Chinese University of Hong Kong.

'China has already made solemn representations to the United States and Canada, demanding they immediately correct their wrong behavior and restore Ms Meng Wanzhou's freedom'.

"She was in transit though Vancouver".

China says it "firmly opposes and strongly protests" the arrest of Meng and calls for her immediate release.

The U.S. Justice Department didn't immediately respond to a request seeking comment. The Wall Street Journal reported in April that the US Justice Department was investigating whether Huawei violated US sanctions on Iran.

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Meng, who was taken into custody on December 1, is the chief financial officer of Chinese electronics and telecommunications multinational Huawei.

Richard Kurland, a Vancouver-based immigration lawyer, said there was little chance Meng would be released from detention.

American lawmakers have claimed, without evidence, that Huawei passed sensitive information collected by its equipment to the Chinese government.

Her arrest is sure to heighten tensions between Washington and Beijing days after the world's two largest economies agreed on a truce in their growing trade conflict. Combine Apple, Cisco, and Booz Allen, and then imagine this company working very closely with the US government, and you get a better sense of the significance of the company to China. "The Chinese government should seriously mull over the US tendency to abuse legal procedures to suppress China's high-tech enterprises".

US National Security Adviser John Bolton has also said he knew about the arrest in advance.

While Meng's arrest comes at a delicate time in U.S.

The US State Department has for months classified China as an "increased caution" risk for American travelers, particularly businesspeople. ZTE was almost driven out of business this year when Washington barred it from buying USA technology over exports to North Korea and Iran. But ZTE (ZTCOF), a Chinese tech firm that was temporarily crippled by a U.S. export ban earlier this year, slumped almost 9%.

Huawei added that it "complies with all applicable laws and regulations where it operates, including applicable export control and sanction laws and regulations of the UN, US and European Union".

Meng was arrested while transferring between flights, according to a statement provided to CRN by Huawei. She is also the daughter of the company's founder, Ren Zhengfei.

Skycom at the time was a major partner of Huawei.

Stephen Innes, head of Asia-Pacific trading at investment firm Oanda, linked the losses directly to Meng's arrest.

U.S. Senator Ben Sasse praised the action and said that it was "for breaking U.S. sanctions against Iran".

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