Huawei troubles give Cisco an edge
A U.S. led effort to probe Chinese telecom giant, Huawei, is giving Cisco a competitive edge.
“When you think about privacy and you think about data, it has become a much more important decision factor for our customers,” Cisco CEO Chuck Robbins told FOX Business’ Maria Bartiromo during an interview at the World Economic Forum on Wednesday. “So we focus on trying to sure ensure that our customers feels as good as they can possibly feel about how we operate.”
Robbins, who regards Huawei as their “biggest competitor on a global basis,” added that the he had “no knowledge” of anything occurring in respect to the CFO’s arrest subsequent to a patent infringement lawsuit filed in the early 2000’s that was ultimately dropped in exchange for exchange for a promise from Huawei to modify its product lineup.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CSCO | CISCO SYSTEMS INC. | 58.55 | +0.99 | +1.72% |
The arrest of Huawei CFO, Meng Wanzhou, in Canada last month coincides with trade-talks between the U.S. and China who have been embattled in a tit-for-tat trade war for months. Although the next round of trade talks are expected to occur later this month in Washington, news that the U.S. Department of Justice is planning to formally extradite the CFO could potentially derail negations after it prompted China to warn that it will retaliate if Canada tries to send the CFO to the U.S.
“We will continue to pursue the extradition of defendant Ms. Meng Wanzhou, and will meet all deadlines set by the US, Canada Extradition Treaty, Marc Raimondi a public affairs specialist for the Department of Justice, told FOX Business’s Edward Lawrence in a statement on Tuesday. “We greatly appreciate Canada’s continuing support in our mutual efforts to enforce the rule of law.”
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Retired Lt. Col. James Carafano of the Heritage Foundation told FOX Business that the U.S. has the upper hand in trade negotiations with China.
“They need a deal more than the United States,” Carafano told Liz MacDonald on Tuesday. “It has strategic impact on China and they are going to sit around and hold it all hostage for one Huawei executive, I think they are in a very, very bad place.”
The next court date for Huawei’s CFO is scheduled for early next month.
China reported that its economy grew at its slowest pace in 28 years earlier this week.