China Deepens Partnership With Iran to Offset US Sanctions, Promote Digital Yuan

In return for investments, China would receive steady supplies of Iranian oil, Iran’s semi-official Tasnim news agency said Saturday, adding that the two countries also agreed to establish an Iranian-Chinese bank. Such a bank could help Tehran evade U.S. sanctions that have effectively barred it from global banking systems, according to a March 27, 2021 Wall Street Journal report.

Huawei Expects Losses Up To $40 Billion in Smartphone Revenues

In May 2019, former President Donald Trump added Huawei to the Entity List due to security concerns. The trade blacklist prevents American companies from conducting transactions with Huawei without getting permission from the government. Washington then placed a blanket ban on Huawei in Sept. 2020 that blocked the firm from securing chip supplies from America. The Chinese company consequently failed to get advanced chips necessary for manufacturing smartphones.