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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A report from the Korea Institute for International Economic Policy (KIEP) revealed last week that the latest US sanctions against Huawei may directly affect the export of semiconductors from South Korea.

According to a Business Korea report, banning Huawei’s access to all types of semiconductors may have its impact felt in South Korean semiconductors as well. Albeit, the impact would only be for the short term. For those unaware, the Trump administration revised its Export Administration Regulations to put even more pressure on Huawei and its overseas subsidiaries to prevent the Chinese tech giant from gaining semiconductors through any loopholes.

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The institute further added that “China will redouble its efforts to reduce its external dependence in the semiconductor sector and this means South Korea needs to focus more on staying ahead of China in terms of technological strength.” In other words, despite Huawei being the only target, the US restrictions will have China raise its efforts to be more self sufficient and advance its domestic semiconductor industry.

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While there are so many reasons to the layoff, it can be attributed to ZTE’s plans to restructure its operations and organizational structure after a poor financial year which can be partly blamed on the trade restrictions imposed by US Commerce department. An unnamed source has also said ZTE is using this as an opportunity to lay off employees who have applied for jobs at rival companies like Huawei.

Managers have already been briefed and the exercise is expected to be completed by the end of March. Majority of the layoffs will be concentrated in China (20% of employees there) where it has been losing market share for several quarters now.

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ZTE has earned a fourth reprieve that will last till the 27th of February, of its trade restrictions following its cooperation during a federal probe. The trade restrictions were imposed on the company after it violated US trade sanctions on Iran.

Adding ZTE’s layoff and Foxconn’s plan to automate all its production facilities, there will be a significant number of unemployed people in China this year.

(Source)

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