WASHINGTON: The Trump administration considered banning China’s Huawei from the US financial system earlier this year as part of a host of policy options to thwart the blacklisted telecoms equipment giant, according to three people familiar with the matter.
The plan was considered by the White House National Security Council, and seen by officials as a nuclear option atop a ladder of policy tools to sanction the company, two of the people said. Its use was tabled in favour of other measures, such as placing Huawei on a trade blacklist, which forces some suppliers to obtain a special licence to sell to it.
Annie Fixler, a cyber expert at the Foundation for Defence of Democracies think tank, said designating the company “would have broad, widespread implications for Huawei across the globe,” noting that its business would be “severely impacted” in Europe and in Asia outside of China. The designation prohibits American companies or citizens from trading or conducting financial transactions with those listed and freezes assets held in the United States.
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