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Huawei likely to take $30-billion hit from trade ban

Posted On: Jun. 18, 2019 6:33 AM CST

Huawei takes a hit

China-based Huawei Technologies Co. Ltd. said that the U.S. trade ban on the tech giant is likely to cost the company $30 billion in lost revenue this year, Reuters reported. Ren Zhengfei, chief executive of Huawei, said that the trade ban has disrupted the company's supply of components and prevented Huawei from buying anything with U.S. technology. The ban has also forced several companies to limit or cease their relationships with Huawei.

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