VANCOUVER, British Columbia – China raised the pressure on the United States and Canada as a bail hearing resumed Monday for a top Chinese technology executive in a case that has fueled U.S.-China trade tensions and roiled financial markets.
Meng Wanzhou, the chief financial officer of Chinese telecommunications giant Huawei and daughter of its founder, was detained at the request of the U.S. during a layover at the Vancouver airport Dec. 1 – the same day that Presidents Donald Trump and Xi Jinping of China agreed to a 90-day cease-fire in a trade dispute that threatens to disrupt global commerce.
People line up at a Vancouver, British Columbia courthouse prior to the bail hearing for Meng Wanzhou, Huawei’s chief financial officer on Monday, December 10, 2018. Meng Wanzhou, the chief financial officer of telecommunications giant Huawei and daughter of its founder, was detained at the request of the U.S. during a layover at the Vancouver airport on Dec. 1. (Jonathan Hayward/The Canadian Press via AP)The U.S. has accused Huawei of using a Hong Kong shell company to sell equipment in Iran in violation of U.S. sanctions. It also says that Meng and Huawei misled banks about the company’s business dealings in Iran.
Her arrest has fueled U.S.-China trade tensions at a time when the two countries are seeking to resolve a dispute over Beijing’s technology and industrial strategy. Both sides have sought to keep the issues separate, at least so far, but the arrest has roiled markets, with stock markets worldwide down again Monday.
China formally protested to the ambassadors of both Canada and the United States over the weekend.