World News: 04:33 GMT Thursday 16th May 2019. [Yahoo Business News Feed via SPi World News]
The Commerce Department said it was adding Huawei Technologies Co Ltd and 70 affiliates to its 'Entity List' - a move that bans the company from acquiring components and technology from U.S. firms without government approval. Commerce Secretary Wilbur Ross said in a statement that President Donald Trump backed the decision to 'prevent American technology from being used by foreign owned entities in ways that potentially undermine U.S. national security or foreign policy interests.' Trump earlier in the day signed an executive order barring U.S. companies from using telecommunications equipment made by firms deemed to pose a national security risk. While the order did not specifically name any country or company, U.S. officials have previously labeled Huawei a 'threat' and lobbied allies not to use Huawei network equipment in next-generation 5G networks.
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