America : It is hard to overstate the symbolism and significance of the arrest of Meng Wangzhou, Huawei’s chief financial officer and daughter of its founder. Huawei is the crown jewel of Chinese tech and Ms Meng is effectively its princess.
On December 1, the same day as President Trump and President Xi sat down at the G20 over grilled sirloin and caramel pancakes, to work on easing the trade war.
Although it’s still not clear what the charges against her are – we know that the US has been investigating Huawei for possible violations of US sanctions on Iran – this is not simply a case about the arrest of one woman, or just one company.
This arrest could materially damage the relationship between the US and China at possibly one of the most sensitive times between the two countries in their long and torrid history.
“It could not come at a worse time and it is probably going to put a cloud over any upcoming negotiations,” Vinesh Motwani of Silk Road Research told me. “The market had already turned more sceptical over the G20 agreement in recent days. This is only going to make the market more sceptical any deal can be reached. ”