In less than two years, the Chinese brand has opened 2,300 stores — second in China only to Starbucks. The company went public on Nasdaq on Friday. And it's losing millions.
The Trump administration's crackdown on the Chinese telecom giant would cut it off from a vital supply of U.S.-made components. It will also force allies to decide on the 5G futures.
Amid rising trade tensions, President Trump is moving against Chinese telecom firms that the administration says can exploit vulnerabilities in communications and information technology.
Some tech firms and researchers say plans to impose export restrictions on "emerging and foundational technology" would make it hard to thwart cyber threats and to cooperate globally in science.
The latest round of tariffs on Chinese imports is expected to hit more products U.S. consumers actually buy, and businesses say they have no choice but to pass the added costs on to consumers.
U.S. tariffs on $200 billion worth of Chinese consumer and business products increased to 25% from 10% on Friday morning, raising the stakes between the world's two largest economies.