The arrest of Meng Wanzhou, CFO of Huawei, has sparked global unease.
News broke Tuesday, Dec. 11 that Wanzhou was granted bail by a Canadian Supreme Court Justice. She is expected to pay C$10 million, or $7.5 million.
The CFO was detained in Vancouver at the request of U.S. law enforcement, which is accusing her of violating U.S. sanctions on the sale of products featuring American technology to Iran. The detainment, which happened in the aftermath of a 90-day 'trade truce' between President Trump and Chinese President Xi Jinping, sparked new worries that any progress on U.S.-China trade relations would quickly unravel.
The United States is seeking to extradite Meng. The U.S. case is under seal, but a Canadian prosecutor argued last week that the executive fraudulently told financial institutions that Huawei had no involvement with Skycom, a Hong Kong-based company that reportedly sold U.S. goods to Iran, which violates U.S. sanctions.
In an affidavit posted on Friday, Meng wrote: "My father founded Huawei and I would never do anything that would cause the company reputational damage."
Donald Trump told Reuters Tuesday that he would consider intervening with the U.S. Department of Justice inn the wake of the arrest of Wenzhou if it could help close a trade deal with China or boost national security.
"If I think it's good for what will be certainly the largest trade deal ever made - which is a very important thing - what's good for national security - I would certainly intervene if I thought it was necessary," Trump told Reuters.
TheStreet's Martin Baccardax discussed the global impact of the arrest in this week's Trading Strategies podcast.
He also discussed the Google hearing on the Hill, Deutsche Bank's possible merger and how the tariffs could be hurting the Santa Claus rally. The full Trading Strategies can be found above.