Hong Kong (CNN Business) Britain's decision to ban Huawei from the country's 5G network is a huge blow to the Chinese conglomerate's global ambitions and hopes of leading the next generation of wireless technology. The issue of 5G networks was on the agendaHuawei called the UK ban disappointing, saying it was based on US trade policy, not security concerns. But US sanctions have dashed the company's hopes for global domination. Taiwan Semiconductor Manufacturing Company, TSM In May, the US barred global firms that use American tech from selling semiconductors to Huawei. The UK ban will mean a smaller global market and less profit for Huawei's 5G equipment business, according to Jefferies analyst Edison Lee.

Source: CNN July 15, 2020 14:26 UTC