Forex News

Huawei downplays impact of US trade restrictions

Huawei downplays impact of US trade restrictions

Huawei Technologies said on Friday that it is "fully prepared" to live and work under U.S. trade restrictions, and that its activities were not affected by Washington's latest curbing decisions.  

Despite this restrictions could push smartphone unit revenues down by about $10 billion this year, the Chinese giant said the impact of the restrictions imposed were lower than expected. 

As they were expecting that the revenues of the company will be down by $30 billion, leaving it without any expected growth for 2019, according to Huawei CEO Ren Zhengfei in an assessment of the impact of these constraints. 

Huawei's consumer business group - which includes smartphone businesses that are racing to develop their own operating system in preparation for the worst-case scenario for stripping out basic Google Android apps - is performing "much better" this year than initially feared, Xu said.

It is worth mentioning that Huawei has been under critical threat since May, when it was blacklisted by Washington to face the risk of not accessing essential U.S. components and technology.

As of 12:50 GMT, the dollar index, which tracks the green currency’s movements versus a basket of major currencies, traded higher at 98.22, ahead of Fed Chair Powell speech at Jackson Hole later in the day.

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