This is an OZY Special Briefing, an extension of the Presidential Daily Brief. The Special Briefing tells you what you need to know about an important issue, individual or story that is making news. Each one serves up an interesting selection of facts, opinions, images and videos in order to catch you up and vault you ahead. WHAT TO KNOW What happened? The U.S. Justice Department unsealed criminal indictments yesterday against Huawei and its CFO, Meng Wanzhou, who was arrested last month in Canada. The company, which has denied wrongdoing, has been formally accused of stealing trade secrets and helping banks evade U.S. sanctions on Iran, among other charges. While Meng awaits likely extradition to the United States, Beijing has demanded that Washington end its “unreasonable crackdown” on the country’s prized tech giant as it seeks 5G dominance. Why does it matter? The world’s second-largest producer of telecommunications equipment is no stranger to controversy. But Monday’s charges represent the most significant legal action yet against a company broadly believed to be subverting the U.S. and other Western countries, allegedly at the behest of China’s government. What happens with Huawei has major implications not only for the thorny trade spat between Beijing and Washington — but potentially for China’s global ambitions too. |