Dow plunges 700 points after arrest of Chinese tech exec

The Chinese Embassy in Canada has issued a statement over the arrest of Meng Wanzhou

The Chinese Embassy in Canada has issued a statement over the arrest of Meng Wanzhou

Brent crude is trading around $61 per barrel this morning, around 20% lower than two months ago.

Those talks now face an even steeper challenge.

"The United States is stepping up containment of China in all respects", said Zhu Feng, an global relations expert at Nanjing University. That's an open question at this point-but either way, it could not be more tumultuous in effect.

She was detained when she was transferring flights in Canada, it added.

That view is being advanced by worldwide security analysts and former diplomats, following the arrest on Saturday of Meng Wanzhou.

Meng Wanzhou, who is also the daughter of Huawei founder Ren Zhengfei, was arrested Saturday in Vancouver and is facing extradition to the US, Canada's Justice Department told The Globe and Mail newspaper Wednesday.

'As there is a publication ban in effect, we can not provide any further detail at this time. A bail hearing is being planned for Friday to determine what will happen next.

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The chances of trade peace between the U.S. and China took a blow Thursday as it emerged Huawei chief financial officer Meng Wanzhou had been held in Canada and faces extradition to the United States over alleged Iran sanctions breaches by the firm.

A user of China's Twitter-like Weibo platform said Chinese should boycott products made by US tech giant Apple Inc and instead buy Huawei products to show support for one of China's national champions.

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The broad market decline came as the arrest of a senior Chinese technology executive overshadowed some positive comments on trade from Beijing and threatened to worsen trade tensions between the United States and China. Prosecutors in the Eastern District of NY took on the case, he said. The Chinese side has lodged stern representations with the USA and Canadian side, and urged them to immediately correct the wrongdoing and restore the personal freedom of Ms. Meng Wanzhou.

It's unclear exactly what charges Meng could face if she is extradited to the United States.

Huawei said it was unaware of any wrongdoing by Meng and was provided "very little information" about the charges. The White House did not immediately respond when asked if Trump was aware of the detention during his dinner with Xi.

Right now it's unclear what role Trump played in Meng's arrest, or if he will intervene at some point. American officials have sought to persuade other nations to curb business ventures with Huawei because of security concerns. At this point it's fair to say most of the goodwill coming out of last weekend's G20 meeting between Presidents Trump and Xi has evaporated. China immediately reacted with outrage on Wednesday, demanding that both countries move to free Meng.

The United States and China have also been locked in a struggle for high-tech supremacy, in a race that has increasingly taken on political undertones this year.

Huawei derives around half of its revenue from supplying equipment to telecoms carriers around the world. All cited national security concerns in barring the Chinese firm from their next-generation networks.

In 2012, the Australian government banned Huawei from bidding for NBN, Australia's broadband access network, for national security reasons.

A Wall Street Journal report last month said the US government was trying to persuade wireless and internet providers in allied countries to avoid equipment from Huawei.

In exchange, ZTE agreed to pay a hefty $1 billion fine and put an additional $400 million in escrow in case of future violations. This sign is usually interpreted by traders as an indicator of coming recession.

A foreign ministry spokeswoman, Hua Chunying, said then that China hoped the USA would refrain from taking actions that could further undermine investor confidence in the US business environment and harm its domestic economy.

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