President Trump's new order effectively blacklisting Huawei from the U.S. market will not hurt America in the race to build out next-generation 5G wireless technology, a well-known CEO and a top telecom investment banker who did not want to be identified told CNBC on Friday.
"'will deploy 5G services and innovation better than anyone in the world,'" no matter which company provides the infrastructure. The banker also said, "'Does it matter if you use a Chinese manufactured phone or computer to access Facebook or Google. No.'"
The CEO, who also wanted to remain anonymous, told Kernen, in a jab at Huawei, "'[If] Huawei has no access to U.S. tech, do they have a 5G product? If the U.S. has no access to China's tech do we have a product? The answer is, yes.'" The Trump administration has pushed allies around the world not to adopt Huawei's 5G technology, which American officials have warned could be used for spying by the Chinese. Those efforts have had mixed results in Europe, where several countries declined to stop doing business with the company.
In recent months, the U.S. government has taken a number of steps against the firm, including getting Canadian authorities in December to arrest Huawei CFO Meng Wanzhou over allegations of defrauding several banks by concealing payments from Iran in violation of U.S. sanctions. The company has denied the allegations.
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