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The Huawei affair

Dec 08,2018 - Last updated at Dec 08,2018

There is already widespread turmoil and chaos in the international monetary and stock markets that threatens the global monetary integrity and stability. The ongoing stand-off between the US and China over tariffs on each other's exports has already negatively  impacted not only the stock markets across the globe, but also the fragile currency exchange markets and the global economy.

US President Donald Trump is using trade issues and the tariff weapon to prosecute his country's foreign policies not only on the economic and financial fronts, but also on the geopolitical front as well. Trump sees worldly issues through the prism of dollars and cents and he is not about to change this perspective, even when this approach is wreaking havoc with regional and international peace and security.

The arrest of Huawei's chief financial officer, Meng Wanzhou, the daughter of the company's founder, by Canadian authorities upon the request of the US for allegedly violating the US sanctions regime on Iran, has added fuel to the raging fire and fury in the international markets worldwide.

It was a big surprise that Canada yielded to the US pressure and arrested Wanzhou when the charge against her, even if substantiated, does not qualify as an international crime warranting the rendition of the Huawei high executive to the US. The alleged "crime" committed by Wanzhou does not qualify even as a grave violation of any law, except perhaps that of the US, as perceived by Washington.

Why Ottawa, of all capitals, succumbed to Washington's pressure and arrested the Chinese executive is, indeed, troubling and bound to tax even more international relations because it is setting a bad and untenable precedent for the rest of the international community.

As for the impending talks between Washington and Beijing on the vexing tariffs issue, the impact of this arrest cannot only add a serious complication to the already-thorny negotiations between the two nations on tariffs, but also poison the atmosphere for their bilateral talks and relations.

The early release of Wanzhou appears to be the only sensible course of action to be taken by Washington and Ottawa in order to lower the extent and degree of international tensions not only between Beijing and Ottawa, but also between these two capitals and Washington. Otherwise, the US would be sending an ominous signal to China that the future does not bode well for their bilateral relations.

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