US Gives Chinese Tech Giant a Reprieve

The US will give Chinese telecommunications giant Huawei another 90 days to buy supplies from American companies. It's the second extension for Huawei, a company the US sees as a national security risk. Commerce Secretary Wilbur Ross revealed the new reprieve on Fox Business News Monday morning, and the news sent shares of US computer chipmakers bolting higher, per the AP. Huawei is China's biggest phone maker, and sales to the company account for a significant portion of revenues for some US suppliers. The Commerce Department said Monday the delay will give users more time to transition away from goods made by Huawei.

"It is another 90 days for the US telecom companies," Ross said, per the Washington Post. "Some of the rural companies are dependent on Huawei. So we're giving them a little more time to wean themselves off. But no specific licenses are being granted for anything." His comments come a day after President Trump suggested another extension was unlikely because of national security concerns. "At this moment, it looks much more like we're not going to do business," Trump said. (The president began the push against Huawei in May.)