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Huawei predicts $10B losses after US ban

Huawei has claimed they are expected to lose $10 billion after the US trade ban.

Eric Xu, the tech firm's deputy chairman, has insisted that their previous prediction that the phone division would lose $30 billion, as suggested by CEO Ren Zhengfei in June, is a little higher than they now predict their losses to be.

He told reporters: "It seems it is going to be a little less than that. But you have to wait till our results in March."

US President Donald Trump added the Chinese tech giants to a list of companies that US firms cannot trade with unless they have a license, amid the fears of national security concerns, before reversing the decision.

Huawei had repeatedly denied allegations that the use of their products presents security risks, and said it is independent from the Chinese government.

Trump revealed he will allow US business to "sell Huawei equipment" which has "no great national security problem with it".

He said: "US companies can sell their equipment to Huawei.

"We're talking about equipment where there's no great national security problem with it.

"I said that's okay, that we will keep selling that product, these are American companies that make these products.

"I've agreed to allow them to continue to sell that product so that American companies will continue."

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