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U.S. Holds Off on Huawei Licenses as China Halts Crop-Buying

(Bloomberg) — The White House is holding off on a decision about licenses for U.S. companies to restart business with Huawei Technologies Co. after Beijing said it was halting purchases of U.S. farming goods, according to people familiar with the matter.

Commerce Secretary Wilbur Ross, whose department has vetted the applications to resume sales, said last week he’s received 50 requests and that a decision on them was pending. American businesses require a special license to supply goods to Huawei after the U.S. added the Chinese telecommunications giant to a trade blacklist in May over national-security concerns.

The U.S. decision rattled stocks, bonds, currencies and even soybean prices around the world. Huawei suppliers Micron Technology Inc. and Western Digital Corp. declined as much as 2.2% after news of the delay in license approvals, while Qualcomm Inc., Xilinx Inc. and NeoPhotonics Corp. all fell more than 1% in after-hours trading. Huawei’s dollar bond spreads widened by 10 to 15 basis points Friday morning, while the Australian dollar and offshore yuan weakened versus the greenback and the yen gained.

Read more at Yahoo News

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