By China correspondent Bill Birtles Huawei CFO Meng Wanzhou arrives back in China. Family and supporters of two diplomatic hostages held in China for almost three years have celebrated their arrival home in Canada, as the woman they were traded for, Meng Wanzhou, was given a hero's welcome in the city of Shenzhen. The trio's return to their respective homes caps a historic three-year standoff between the world's two superpowers, with Canada and the Chinese company Huawei caught in the middle. Upon arriving home to Calgary, one of the two Canadians Michael Kovrig said "It’s fantastic to be back home in Canada". He'd endured more than a thousand days locked in a Chinese prison with limited access to lawyers and no ability to speak to visitors outside of a monthly consular visit. Meng Wanzhou, the wealthy daughter of Huawei's boss Ren Zhengfei sometimes dubbed a princess by Chinese media, told Chinese state TV as she departed Canada: "If it wasn't for a strong motherland, I wouldn't have my freedom today." She had earlier thanked the Canadian government "for upholding the rule of law", after being freed to leave Canada when US prosecutors suddenly abandoned their three-year effort to extradite her to the US. She was wanted for bank and wire fraud charges relating to Huawei's alleged efforts to subvert US sanctions and sell equipment to Iran. Meng Wanzhou was arrested as the US tried to limit Huawei's global 5G rollout The merits of the US claims will now never be tested in court, but China always viewed the case as a blatant political attack on a fast-rising Chinese company. Her 2018 arrest came as the Trump administration ramped up pressure on Huawei to curtail its overseas expansion into the 5G networks of the world. Whatever the aim at the time, it's hard to believe the Trump administration would have pursued her arrest had it foreseen the consequences. And now that the saga is over, taken on face value, Meng Wanzhou's release back to China this weekend is a big victory for Beijing........ Continues....... https://www.abc.net.au/news/2021-09-26/huawei-meng-wanzhou-china-played-dirty-birtles/100491980
It was ostensibly about violating Iran sanctions, but there's no question that Huawei is viewed as a threat to US hardware manufacturers.
Primarily it's viewed as a threat to security, not so much as manufacturing dollar wise. There are thousands of Chinese manufacturers who are a competitive threat but not blacklisted.