According to Reuters, a group of senior US House Republicans on Thursday urged the Biden administration to crack down on Huawei and Semiconductor Manufacturing International Corp (SMIC) after reports suggested Huawei has developed an advanced smartphone capable of supporting 5G.
The note urged the administration to strategically bar the import of SMIC-produced semiconductors into the US, particularly those that pose dangers to national security, and to pursue criminal charges against SMIC and Huawei executives. This action follows the reported ban on Apple iPhones in Chinese government offices last week.
However, according to a Ministry of Foreign Affairs spokesperson, China has not issued any laws, regulations, or policy documents prohibiting the purchase and use of foreign-brand mobile phones such as Apple.
Market reaction
The above statement fails to move the needle around the Australian Dollar. AUD/USD is trading at 0.6443, up 0.05% on the day.
Source: https://www.fxstreet.com/news/house-republican-lawmakers-urge-us-to-further-crackdown-on-huawei-smic-202309150014