Restricting Huawei’s access to American banks

Published:

On: Mar 2020

The lawmakers of the United States of America plan to issue a new bill that could ban Huawei technologies from accessing the United States banks for specific transactions, to defeat the Chinese telecommunications giant amid disappointment over the collapse of prior sanctions to control its business.

The bill includes sponsors like Republican Senator Tom Cotton, leading Senate Democrat Charles Schumer and House Republican Mike Gallagher would block American firms from participating in essential transactions with foreign organizations that generate 5G telecoms technology and grab industrial intelligence. If the bill were finalized and the Chinese telecoms giant designated, the firm would be avoided by the American banks in particular dealings along with customers globally,

Schumer said that it is a perfect time for the Donald Trump administration to take solid and powerful action to ban Huawei from using the financial system of the United States. He further stated that permitting China to influence global 5G networks with the help of Huawei that raised the risk to the national security of the country. But the Chinese company did not respond to a request.

Mentioning national security worries, the administration of Donald Trump placed Huawei on a blacklist called as the entity list previous May, forcing some companies to expand a notable license to sell to it.