Huawei Technologies Founder, Ren Zhengfei, stated earlier today (9th February 2021) that it will be “extremely difficult” for the US to reverse its sanctions against the company, but he hopes the new Biden administration will bring a more “open policy.”
According to a Reuters report, the senior executive of the Chinese tech giant said that he hoped the new US President, Joe Biden, would keep the US business interests in mind while making new policies. The founder believes that it is “conducive” to the financial performance of US based companies that supply to Chinese corporations. Despite its struggling smartphone operations, Huawei still managed to see positive growth last year for both revenue and net profit.
Ren further added that “We hope the new administration will harbor an open policy for the benefit of the American firms and also the economic development of the US.” Furthermore, he said that he would also welcome a call from Biden. For those unaware, the previous US President, Donald Trump, added Huawei to the US trade blacklist, over national security concerns. Additional sanctions thereafter effectively hampered the company’s smartphone unit as well.
Due to the blacklist, the company could no longer procure goods or technology from US based firms. In other words, it now faced issues sourcing crucial components, especially after being cut off from its primary chip supplier TSMC. Ren believes it would still be “extremely difficult” for the brand to be taken off the entity list, but he continues to hope to buy “large volumes” of US made equipment and materials if the Biden administration allows it.
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