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In a statement posted on December 6 on its official website, the Chinese Embassy in Canada claimed that Meng did not violate "any American or Canadian law". Reuters was unable to determine the precise nature of the possible violations.

The Wall Street Journal reported earlier this year that United States authorities are investigating whether Chinese tech giant Huawei violated sanctions on Iran.

The arrest and any potential sanctions on the world's second biggest smartphone maker could have major repercussions on the global technology supply chain.

Stock markets tumbled on the news, fearing renewed U.S. Investors stampeded for the safety of government debt, pushing the yield on the US 10-year Treasury note back below 2.9 percent to its lowest level in three months. BT, a British telecommunications company, announced this week that it's not using Huawei's equipment in its 5G network and that it's removing the company's equipment from key areas of its 4G network.

Longer term, however, the case will reinforce official Chinese urgency about developing domestic technology suppliers to reduce reliance on the United States, said Lam. But ZTE (ZTCOF), a Chinese tech firm that was temporarily crippled by a United States export ban earlier this year, slumped almost 9%.

She is facing extradition to the United States on USA suspicions that Huawei violated sanctions against Iran by providing that country with telecommunications equipment.

"China's discussed these things with the U.S. many times down through the years and the results have not been very good".

Meng Wanzhou - Huawei's chief financial officer - has been accused of trying to evade US trade sanctions on Iran.

She was detained when she was transferring flights in Canada, it added.

The Chinese Embassy in Ottawa said her human rights were violated and demanded she be freed.

The Chinese Embassy in Ottawa said Meng broke no US or Canadian laws and demanded Canada "immediately correct the mistake" and release her.

A US Justice Department spokesman declined to comment.

"U.S. President Donald Trump should rein in the hostile activities of some Americans who may imperil Sino-U.S. relations". A spokesman for the USA attorney's office in Brooklyn also declined to comment.

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China could "take hostages" and is nearly certain to retaliate against the United States, experts say, after the stunning arrest of a top Chinese tech executive for allegedly trying to skirt sanctions on Iran. "They will retaliate and China will take hostages", he said.

"China is already asking for her release, as can be expected, but if the charges are serious, don't expect the USA to blink".

"She would be the Ivanka Trump of Huawei", said Abramson, adding that Huawei is like the "Apple of China" and Meng is an extremely important business person. "It's a possibility. China plays rough", Mulroney said.

Are these issues related to the U.S.

Huawei is one of the largest tech companies in the world, but it has been under pressure in nations like the USA, U.K., and Australia for allegedly doing the bidding of the Chinese government.

However, the topic ranked only 31st among trending items on Weibo as of Thursday afternoon, with many discussion threads apparently blocked, which is not unusual on China's heavily censored Internet.

US telecommunications firms fear that partnering with Huawei by allowing it to sell their smartphones would anger the federal government and jeopardize future contracts. And Meng's arrest sent stocks still further into a spiral Thursday as Asian markets reacted to the news. -China relations, it was not clear if the timing was coincidental.

Huawei is one example of what the Trump Administration is targeting in its trade dispute with China.

ZTE agreed to pay a $1 billion fine and replace its entire board of directors.

The Globe and Mail newspaper, citing law enforcement sources, said Meng Wanzhou is accused of trying to evade United States trade curbs on Iran.

Chinese media have lashed out at the USA over the arrest of senior Huawei executive Meng Wanzhou, accusing the country of using "hooliganism" to suppress the Chinese telecom giant at the centre of what is turning into a major diplomatic incident. Huawei was a pioneering supplier of telecom gear at a time when China was spending heavily to upgrade its networks, importing much of its equipment.

Geng also said Meng's legal rights must be ensured.

Meng's arrest also threatened to inflame disagreements over Iran and Trump's decision to break with other governments and re-impose sanctions over the country's nuclear development.