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Illustration: Eniola Odetunde/Axios

A new regulation announced last week requires foreign semiconductor suppliers that use U.S. designs to get a license from the U.S. government before selling to Huawei. Business groups aren't exactly welcoming the move with open arms.

Why it matters: The new restrictions may reduce revenues and hobble research and development for U.S. companies.

What they're saying: “It could make it very difficult for U.S. companies who have been selling their products to Chinese companies," said Doug Barry, communications director at the U.S.-China Business Council.

  • "That will affect their revenues, their employment, their supply chain [and] the competitiveness of their products."
  • A knock-on effect is that research and development, in particular, could take a hit, as companies won't be able to reinvest as much revenue into next-generation products.

Background: The U.S. first placed export limits on Huawei in May 2019. But those guidelines were porous. Huawei could still get U.S. products through third-party vendors. Now that loophole is closed.

What to watch: Other Chinese companies will be affected too, particularly if the Chinese government chooses to retaliate by limiting U.S. access to China's markets.

  • "International information and communication technology manufacturers play a vital role in supporting connectivity and economic growth in China and around the world," said Patrick Lozada, director of global policy at the Telecommunications Industry Association.
  • "Potential retaliation aimed at international suppliers could undermine business confidence and limit choices for Chinese companies and consumers."

Go deeper: Huawei makes its case against U.S. hostilities

Go deeper

Aug 26, 2020 - World

U.S. targets Chinese individuals, companies over escalation in South China Sea

Fishing vessels are seen in the South China Sea Photo: Artyom Ivanov/TASS via Getty Images

The Department of Commerce on Wednesday blacklisted 24 Chinese firms for "helping the Chinese military construct and militarize the internationally condemned artificial islands in the South China Sea."

Why it matters: The move comes as the Trump administration continues to ramp up pressure on Beijing amid escalating tensions in the disputed region.

16 mins ago - World

UK government: Kremlin has plan "to install pro-Russian leadership" in Ukraine

British Foreign Secretary Elizabeth Truss. Photo: Gints Ivuskans / AFP via Getty Images

The United Kingdom's Foreign Secretary on Saturday night said the government has "information that indicates the Russian Government is looking to install a pro-Russian leader in Kyiv as it considers whether to invade and occupy Ukraine."

Driving the news: U.S. National Security Council spokeswoman Emily Horne called the intelligence "deeply concerning" in a statement to Axios. The Biden administration has said Russia is actively manufacturing a pretext for invasion and warned that Putin could use joint military exercises in Belarus as cover to invade from the north.

Updated 2 hours ago - Economy & Business

Tax season nightmare ahead for understaffed IRS

Illustration: Shoshana Gordon/Axios

The IRS will start accepting 2021 tax returns in less than a week, and the filing delays and administrative headaches to come might eclipse last year — which was “one of the worst filing seasons," according to an independent advocacy agency within the IRS.

Why it matters: For taxpayers, especially with complex or paper filings, this means headaches, delayed refunds, and mistakes.