Search ForexCrunch

Andy Purdy, Chief Security Officer of Huawei Technologies USA said in a press conference late-Tuesday, “America needs Huawei more than Huawei needs America,” adding that US’ ban on its products “will hurt America in a very substantial way.”

Additional Comments:

About 30 percent of components of Huawei’s global products come from the United States and that last year, Huawei spent 11 billion U.S. dollars buying technologies and components from some 130 U.S. companies.

Without purchases by Huawei, those U.S. companies are going to lose, which might affect 40,000 U.S. jobs.

The U.S. government in May announced that it would “prohibit transactions posing an unacceptable risk” to the country by declaring a national emergency over what it claimed are technological threats, and announced restrictions on the sale and transfer of U.S. technologies to Huawei.

However, all these technologies have already gone through the clearance to show that they don’t damage the security of the United States, that’s why they are allowed to be purchased by us and sold by us worldwide.

Huawei has been incredibly successful without significant penetration of the U.S. market, Purdy said, adding that Huawei hopes to have conversation with the United States and asks for “trust through verification.”

There is no evidence of any wrongdoing by Huawei, he said. “Blocking Huawei will not make America more secure.”

The comments come amid growing optimism around the US-China trade talks that are likely to restart next week, as cited by the US President Trump on Tuesday. However, markets trade cautiously ahead of the key central banks’ meetings over the next week, with more easing unanimously expected.