U.S. now restricts Huawei from banks: Another Attack

The U.S. continues to attack Huawei, in the latest edition, U.S. lawmakers restricted the Chinese tech company from accessing U.S. banks.

Reuters reported that U.S. lawmakers such as Senate Majority Leader Chuck Schumer, a Democrat, seek to “severely action” against Huawei and other “untrustworthy” Chinese 5G producers who they say engage in economic espionage against the U.S.

Since when has Huawei started hacking U.S. banks? We could guess that the tech maker may not even know this by itself. However, the Treasury Department’s Specially Designated Nationals (SDN) has published a list, which will freeze access to entities from the U.S. financial system.

It’s not the first time when the U.S. tried to ban Huawei from the bank system but a similar approach has been taken in a bill in 2020 during the tenure of former U.S. President Donald Trump.

Why the U.S. taking this step:

“We cannot allow Huawei and the Chinese Communist Party to have access to Americans’ personal data and our country’s most sensitive defense systems,” said Republican senator Tom Cotton.

Same reason, Huawei is a security threat, and it will steal our data and so on. However, there’s no clue or the process of how Huawei is capable of conducting such secret operations. How Huawei is able to transmit that data for its own use case.

Last month, the U.S. introduced a bill to ban the purchase of any new Huawei-made equipment inside the country.

Reason:

In the wake of the new trade war with China, the US is continuously attacking Huawei in the name of national security. The Chinese tech maker is known for its tech prowess in the network industry. Hence, the US has severely hurt Huawei on all grounds possible.

This includes a ban on its access to chipsets and reduced business across different regions. Huawei’s smartphone business is also hit by the U.S. sanctions.

Trying:

Yes, the new sanctions may further increase difficulties for Huawei but the company is currently in survival mode. Therefore, it has already left hope with the U.S. and other restricted markets. Therefore, the tech maker is focusing on the home ground.