Huawei is already responding to reports that the Trump administration plans to ban U.S. government agencies from doing business with the company and other embattled Chinese technology firms.
While the administration has not made an announcement yet, the rule would be the latest move by the White House against Huawei. The Chinese tech giant was deemed to be a threat to U.S. national security in May and has since been a central component of the ongoing trade dispute between the U.S. and China.
In a statement Wednesday, Huawei said a ban "will do nothing to ensure the protection of U.S. telecom networks and systems and rather is trade barrier based on country-of-origin, invoking punitive action without any evidence of wrongdoing."
It appears that the prohibition will be implemented under the National Defense Administration Act (NDAA) of 2019, which was signed into law last year and mandated that the federal government cease business with Chinese technology firms that pose security risks. In addition to Huawei, this also included ZTE and Hikvision, among others.
CNBC first reported on the ban Wednesday, citing a spokesman for the White House's Office of Management and Budget, Jacob Wood, who said that the Trump administration "will fully comply with Congress on the implementation of the prohibition of Chinese telecom and video surveillance equipment, including Huawei equipment."
The ban is set to go into effect on August 13, way ahead of the August 2020 compliance deadline stated in the NDAA, according to CNBC.
"The news today was not unexpected as it is the continued promulgation of the rules laid out by the" NDAA, Huawei said, adding that the company will continue to challenge the constitutionality of the ban in federal court.
An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases. And National Taxpayer Advocate Erin Collins says those delays are “unconscionable.” Erin M. Collins said in the report released Wednesday that overall the 2024 filing season went smoothly, though IRS delays in resolving identity theft victim assistance cases are worsening. It took nearly 19 months to resolve self-reported identity theft cases as of January, and Wednesday's report states that now it takes 22 months to resolve these cases.
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
Climate change doesn’t just mean more extreme weather – it also leads to billions of dollars in lost productivity, tourism, and stresses infrastructure.
It’s an annual tradition: the Fed’s banking ‘stress test.’ A year after the regional banking crisis, there are good reasons to make sure they’re prepped.
Summer is upon us, which means weddings, trips overseas, and trips to see Taylor Swift. Avoid a “Cruel Summer” with these budget-friendly tips and tricks.
While Nvidia's meteoric rise led it to briefly dethrone Microsoft as the world's biggest public company, there's a lot more going on in this market than A.I.
