U.S. eases curbs on Huawei; founder says clampdown underestimates Chinese firm

The U.S. Commerce Department blocked Huawei Technologies Co Ltd from buying U.S. goods last week, a major escalation in the trade war between the world's two top economies, saying the firm was involved in activities contrary to national security. The two countries increased import tariffs on each other's goods over the past two weeks after U.S. President Donald Trump said China had reneged on earlier commitments made during months of negotiations. On Monday, the Commerce Department granted Huawei a license to buy U.S. goods until Aug. 19 to maintain existing telecoms networks and provide software updates to Huawei smartphones, a move intended to give telecom operators that rely on Huawei time to make other arrangements.

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