Huawei CEO Says Company Can Withstand Hit From US Sanctions

Huawei CEO Ren Zhengfei said trade sanctions imposed by the Trump administration will cut the company’s revenue this year by about $30 billion, on CNBC Wednesday, but downplayed the threat. In one month, smartphone shipments slowed by 40 percent, he said. Huawei is still growing at a 20 percent rate, he said. In the Chinese market, the consumer business hasn’t declined, Ren said. “There might be declines overseas.” Huawei can withstand the hit, he said. “We believe that $30 billion U.S. will be a very small thing,” he said.