Huawei CFO Meng Wanzhou to appear in Vancouver court for bail hearing

Huawei's chief financial officer Meng Wanzhou

Huawei's chief financial officer Meng Wanzhou

The volatility put a spotlight on doubts about Trump's ability to deliver on his promises with China - and exposed a clash between his policy goals in China and his efforts to crack down on technology companies and other actors.

Asian indices were mostly in positive territory on Friday after a calmer end to trading in NY while the FTSE was forecast to open nearly 2% higher - recovering much of the previous day's losses.

"There have been global concerns about the two companies' ties with the Chinese government".

China's foreign ministry said neither the United States nor Canada have explained reasons for the arrest.

David Mulroney, a former Canadian ambassador to China, says that while he doesn't want to overstate the possibility of a Canadian being jailed, China will be looking for ways to strike back. Earlier this year, the US Commerce Department said ZTE violated the settlement and barred it from buying any US components - a move that all but halted many ZTE operations. "At any other time, if the Chinese were feeling more confident, if they were feeling their economy were more robust, the response would have been to cancel any pledges they made".

The founder and CEO of the company, Ren Zhengfei, is a communist party member and when he joined the party said it was expected that all "exceptional" people should do so. He also noted that she was "provisionally detained" in Canada while she was transferring flights.

The arrest was made at Washington's request as part of a USA investigation of an alleged scheme to use the global banking system to evade US sanctions against Iran, according to people familiar with the probe. The Justice Department is seeking Meng's extradition, according to a White House official.

In its statement Wednesday, Huawei said the company complies with all laws and regulations in the countries where it operates, including applicable export control, sanction laws and regulations of the United Nations, the United States and the European Union.

The timing of the arrest couldn't have been more awkward.

Trump and Xi, who were in Argentina for a summit of the Group of 20 major economies, had agreed to set up negotiations to discuss U.S. concerns over China's trade barriers.

The arrest wasn't made public until late Wednesday.

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Cybersecurity officials of relevant government agencies will likely agree in a meeting as early as Monday to block the Chinese firms from taking part in government procurement without explicitly naming the two companies in consideration of the potential impact on Tokyo's relations with Beijing, which have shown signs of improvement, the source said.

Patrick Chovanec, a well-known American China analyst and managing director of Silvercrest Asset Management, responded on Twitter: "If she broke the law, she should be arrested and tried".

But, he added, "from the Chinese perspective, this is going to be absolutely seen as part and parcel of our negotiating practice".

"It could jeopardize all of this", Sui said of the arrest.

"So not respecting this particular arrest, but Huawei is one company we've been concerned about", he said.

No one answered the door when Postmedia News visited the Dunbar home Thursday afternoon, but neighbourhood residents said they recognized Meng from media reports, though they did not want to talk on the record. The Trump administration says they benefit from improper subsidies and market barriers.

Perhaps the most striking detail of the arrest of Huawei executive Meng Wanzhou in Canada was that it took place on the same day that leaders from the U.S. and China were engaged in delicate trade talks in Buenos Aires.

Is the arrest of Meng Wanzhou related to these security concerns? But he called it a judicial matter and said politics had nothing to do it. "We are working very closely with the broader security community". Canada released its long-scheduled Cyber Threat Assessment today, the first of its kind in the country. It's also making it harder for Chinese firms to invest in US companies or to buy American technology in such cutting-edge areas as robotics, artificial intelligence and virtual reality.

Trump's tariff hikes on Chinese imports stemmed from complaints Beijing steals or pressures foreign companies to hand over technology. ZTE eventually got a reprieve after Xi asked Trump for help.

Huawei was founded in 1987 and has grown to become the world's largest provider of telecom equipment, and the world's No. 2 seller of smartphones beating out Apple to sit behind Samsung.

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