Chinese embassy in Ottawa demands release of Huawei exec arrested in Vancouver

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Huawei Technologies' chief financial officer Meng Wanzhou was arrested Saturday in Canada and faces extradition to the U.S. Meng was taken into custody on behalf of the U.S. while she was transferring flights in Vancouver, the tech company said.

Huawei said in a statement that Meng was arrested while changing planes in Canada and that she faced unspecified charges from the Eastern District of NY.

After seeming to ease trade tensions with China over the weekend at the G20 summit, the United States once again drew the country's ire Wednesday when news emerged of the arrest of Meng Wanzhou, the CFO of the Chinese tech giant Huawei.

Huawei released a statement as well, saying it had "been provided very little information regarding the charges and is not aware of any wrongdoing", reported Al Jazeera.

Both Huawei and ZTE Corp. have faced trouble with the USA and other governments over dealings with Iran and fears the Chinese companies' equipment might be used for spying.

A Chinese government statement said Meng broke no United States or Canadian laws and demanded Canada "immediately correct the mistake" and release her.

In April, China appealed to Washington to avoid damaging business confidence following a Wall Street Journal report that USA authorities were allegedly investigating whether Huawei violated sanctions on Iran amid spiralling technology tensions.

Sources told Reuters in April that United States authorities have been probing Huawei, the world's largest telecoms equipment maker, since at least 2016 for allegedly shipping US-origin products to Iran and other countries in violation of USA export and sanctions laws.

As well as the CFO, she is deputy chairwoman of Huawei and a daughter of the company's founder. Huawei also recently surpassed Apple as the second biggest maker of cellphones after South Korea's Samsung Electronics Co. President Trump has agreed to postpone planned tariff hikes on Chinese goods, while China has pledged to purchase a "very substantial" amount of American produce and curb the export of deadly opioid Fentanyl to the USA in exchange.

Asia stocks slumped w/ US Futures as US-China trade tensions escalate once again after Canada arrested Huawei CFO for extradition to US AND US yield curve edged closer toward inversion.

"While the Commerce Department focused its attention on ZTE, this news highlights that Huawei is also violating U.S. Law", Van Hollen said in a statement.

The Pentagon stopped offering Huawei's devices on US military bases citing security concerns. Huawei suppliers AAC Technologies (AACAY) and Sunny Optical (SNPTF) both plunged around 6%.

The timing is awkward following the announcement of a U.S.

A foreign ministry spokeswoman, Hua Chunying, said then that China opposes any country imposing unilateral sanctions based on its own law.

Meng's arrest also threatened to inflame disagreements over Iran and Trump's decision to break with other governments and re-impose sanctions over the country's nuclear development.

James Lewis, the director of technology policy at the Center for Strategic and International Studies, told Axios the US should be prepared for a backlash and warned American tech executives to steer clear of China for now.

Earlier this year, it barred USA companies from exporting to ZTE, effectively shutting down the firm.

The recent trade sanctions from the U.S. on Huawei is getting much worse.

The SCMP obtained a transcript of an internal question-and-answer between Meng and her father, Huawei's founder Ren Zhengfei.

Best Buy, one of the largest electronics retailers in the US, also recently stopped selling Huawei products.

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