|Staff Reporter |||Mar 27, 2020 05:42 PM EDT|
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The US Department of Commerce announced last Wednesday that it has given an additional four weeks for the public to decide on granting Chinese tech giant Huawei a temporary license of doing business with US companies. The last day was supposedly set for March 10, 2020, but the extension allowed Huawei to acquire US goods until May 15.
According to the Department of Commerce Bureau of Industry and Security (BIS), it has extended the public comment period on Huawei Temporary General License (TGL) extensions until April 22, 2020. The imposition would extend to Huawei and its affiliates covered by the department's Entity List of companies that were recognized to pose security risks thereby restricting the sale and transfer of US tech goods to Huawei.
The restriction has been adjusted five times in the last year. The BIS claimed that it is seeking public comments on future extensions of the business license of the TGL and its non-US affiliates. Several requests were received by the department from entities in the relevant industry to allow for additional comments about the request for an extension. The said requests were to support robust consideration of future extensions of the TGL.
A report published by FxStreet claimed that the announcement is a trade-positive notice as the market focuses on alleviating the adverse effects of the pandemic in the US economy. The aid packages dimmed traders' focus on the deal and the announcement.
The US trade ban against Huawei has barred US firms from dealing with the Chinese manufacturer. The extension goes as long as 45 days after the grant of a prior extension last February 14, 2020. It was, however, unclear whether companies that have already received licenses to trade with Huawei would be adversely affected once the ban is imposed. Microsoft, one of the prominent firms that have a license to transact with Huawei, has received positive feedback and allowed continuance with its dealings with the Chinese tech giant.
The FCC, however, has proposed a reimbursement program for those adversely affected by the ban to help alleviate the financial troubles associated with the discontinuance of trade. These include providers of tech and communication services such as ZTE that use Huawei technological equipment for its networks.
In other news, South China Morning Post reported that Huawei founder Ren Zhengfei is eager to develop new technologies amid the pandemic. The outbreak did not defer the company's plans to develop internally developed technologies to remain as the largest telecommunications equipment supplier globally.
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