In response to the partial lifting of the ban on China’s Huawei Technologies Co Ltd., the U.S. Department of Commerce said it will now issue licenses for companies looking to sell tech components to the Chinese tech giant.
The U.S trade regulator said in a statement through the Commerce Secretary Wilbur Ross, that the licenses will be offered to sales where there is no threat to national security.
In a statement issued earlier today, Ross said:
“To implement the president’s G20 summit directive two weeks ago, Commerce will issue licenses where there is no threat to U.S. national security.”
“Within those confines, we will try to make sure that we don’t just transfer revenue from the U.S. to foreign firms.”
In May, the U.S. hammered China’s Huawei with trade sanctions by placing it on its ‘Entity List’ blocking the tech giants from buying networking and chip components from American companies.
However, Ross said that Huawei will still remain on the entity list but it could look at giving specific approvals.