What I Learned This Week

"5G is the new Suez Canal."  The Huawei investigation is a flash point for the global semiconductor and telecom sectors. Many losers and only a few winners may follow.

The preceding quote from one of our consultants this week underscores that the battle for 5G leadership has become critical to U.S. national security.  In prior memos, we have made the case that the real China/U.S. trade war will be fought over new technologies, with ominous implications for global supply chains (for instance, see WILTW June 21, 2018). In WILTW May 3, 2018, we argued that the buildout of 5G networks is the most important race of the next five years. The December 2018 arrest of Huawei’s CFO for allegedly misleading banks and violating American sanctions against Iran has become a breaking point in the U.S./China trade negotiations. Huawei embodies the twin issues at the core…

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