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It's been five months since Trump's administration blacklisted Chinese technology giant Huawei. American firms still don't know if they could work with the Chinese company or not. On the other hand, Huawei is doing well despite the U.S. export ban and it has seen revenue growth of 24% during the first nine months of 2019.
The department of Commerce added Huawei in the blacklist in May this year and blocked U.S. companies to sell components to the Chinese tech giant. It accuses Huawei being a threat to America's national security and said that it spies for Chinese law enforcement agencies. Huawei denied all these allegations.
Despite the ban U.S. Commerce Department has put on the Chinese tech giant, it seems to be doing well. Huawei reported last week that it has seen revenue growth of 24% in the first nine months of 2019 and saw a boost of 26% in smartphone sales.
Industry insiders reports that U.S. wants to block the company from developing 5G technology that will make a big dent in Huawei's business as the company has signed more than 60 5G commercial contracts around the world.
U.S. companies that used to sell equipment to Huawei has seen a drastic decline in their sales after the export ban. Huawei was one of the biggest clients of U.S. technology companies and they used to do multibillion dollar business collectively with the Chinese tech giant.
The fate of those U.S. based companies that relied heavily on the business given by Huawei is in danger, they have to lay off a number of employees to cut down their expenses as the income has been affected badly due to the trade ban.
U.S. companies are trying to convince Trump Administration to lift the Trade ban that has been put in place for more than 5 months. Several meetings between industry leaders in the U.S. and executives of Trump Administration has taken place but still the ban has not been lifted.
