“Huawei CEO Ren Zhengfei mentioned that he expects the company’s revenue to drop by US$30 billion per annum over the next two years due to the US’ trade ban. Huawei, which turned in a revenue of US$104 billion last year, expects revenue to be around US$100 billion this year and the next. This is down roughly US$25 billion as compared to its initial revenue target for 2019 of US$125 billion. As it is the first time Huawei has officially indicated the effect of the US pressure, it comes as a surprise. For weeks, the company stood its ground that Huawei was technologically self-sufficient. However, Zhengfei expressed a belief that the company will increase its output again from the year 2021 and grow stronger. Although it seems unlikely that the Chinese government will let Huawei’s condition worsen, considering its footprint and reputation as one of China’s tech giants, the situation does not seem to be near a resolution.” – Liz Lee