Tech giant, Huawei Technologies has been badly hit by sanctions imposed on some Chinese companies by Trump’s administration.
Huawei founder and CEO Ren Zhengfei revealed this during an event on Monday that the stringent ban on its products and services by the U.S government will cost the company $30 billion in revenue through the end of 2020.
“We never thought that the U.S.’s determination to attack Huawei would be so strong, so firm,” Ren said Monday during a panel discussion at company headquarters in Shenzhen, stating Huawei’s sales revenue for the next two years will be about $100 billion — down from the previous target he made in February of $125 billion in 2019
“…We cannot get components supply, cannot participate in many international organizations, cannot work closely with many universities, cannot use anything with U.S. components, and cannot even establish connection with networks that use such components.”
”The company’s current situation is not caused by American businesses, but rather by certain politicians’ different perspectives,” Ren said while comparing the tech giant’s current state to a “badly damaged plane.” “I think both sides will suffer. No one will win.”
The U.S. government had earlier this year, put Huawei on a trade blacklist that bars U.S. suppliers from doing business with them because of what Trump’s administration says are national security concerns. Some other Chinese companies were included on the list of companies banned.
In March, Huawei filed a lawsuit in the U.S. challenging the constitutionality of a national security law which prevents the U.S. government and its contractors from using Huawei equipment.
Huawei Technologies Co. Ltd. is a Chinese multinational technology company that provides telecommunications equipment and sells consumer electronics, including smartphones. It is one of the world’s largest telecom equipment companies.