House Foreign Affairs Committee Vice Chair Castro Says Huawei Poses a National Security Threat
*By Justin Chermol*
The newly appointed vice chairman of the House Foreign Affairs Committee, Rep. Joaquin Castro (D-Tex.), said he is "absolutely" concerned that Chinese telecommunication giant Huawei poses a threat to national security in an interview on Cheddar Tuesday.
"I do have that concern," Castro told Cheddar's J.D. Durkin. He noted that he helped push a bipartisan amendment to the National Defense Authorization Act last year to prevent government grants or loans being used to pay for Huawei services.
The Department of Justice unsealed two separate indictments on Monday against the company and its CFO Meng Wanzhou, who was arrested in December. The cases claim the company and its leaders attempted to steal trade secrets from rival T-Mobile, promised bonuses to employees in exchange for intel on competitors, and sought to evade U.S. sanctions on Iran.
"With China, our overarching strategy has to be to respect them when they compete, but also to stop them when they cheat," he said.
Castro is particularly disturbed by prospect of Huawei lifting T-Mobile's technology for its own gain.
"What you see with China is the outright theft of trade secrets and technology and then taking that technology, in this case from T-Mobile, and using it for the benefit of Chinese companies without ever doing any of the innovation or the hard work ー or spending the money in terms of research or development to understand it themselves," he said.
The indictments may coincide with trade talks between the U.S. and Chinese officials, but Castro said that the meetings scheduled for Wednesday and Thursday are unrelated to the charges leveled against Huawei.
"We should be able to separate out some sort of cheating or malfeasance from what we do in terms of talking about trade," he said.
For full interview [click here](https://cheddar.com/videos/rep-joaquin-castro-talks-mueller-probe-huawei-charges-and-more).
Catching you up on what you need to know on Tuesday, May 31, 2022, EU leaders agree to ban 90% of Russian oil by year-end, funerals begin in Uvalde, Texas one week after a mass shooting killed 19 children and two adults, and President Biden meets with the world's biggest boy band BTS.
The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
An inflation gauge closely tracked by the Federal Reserve rose 6.3% in April from a year earlier, just below a four-decade high set in March and the first slowdown since November 2020.
The pain and grief from this week’s shooting in a 4th grade classroom at Robb Elementary School in Uvalde, Texas is still with us. Cheddar's Shannon Lanier ends the week by pausing to remember some of the faces of the 19 children killed and their teachers.
Cheddar New’s reporter Megan Pratz reports from the scene in Uvalde, Texas, with additional details that indicate the shooter was inside Robb Elementary School for more than an hour before law enforcement was able to confront and kill him.
U.S. stocks ended near session highs to close Thursday's session after retailers released positive earnings results. Investors also continued to weigh the federal reserve's recent indication that the central will raise rates in an effort to curb inflation. Adam Johnson, Portfolio Manager for Adviser Investments, joins Cheddar News' Closing Bell to discuss.
After the horrific mass shooting at a Texas elementary school, activists are once again urging Congress to take action. Trevon Bosley, a gun violence prevention activist, joined Cheddar News to talk about how to push legislators on the issue of new gun restrictions. “Even 10 years later the same sense of hopelessness from before," Bosley said, referring to the lack of change since the Sandy Hook massacre.
In Jarkesy v. Securities and Exchange Commission, the 5th U.S. Circuit Court of Appeals ruled that the SEC violated the U.S. Constitution. Cheddar's Alex Vuocolo dives into how the ruling could potentially change everything for regulators.
