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Illustration: Sarah Grillo/Axios

The U.K. may further restrict technology from Huawei, the Chinese telecommunications giant, on its 5G networks, due to security concerns, the Washington Post reports.

The big picture: The move is seen as a diplomatic victory for the U.S., which has sought to prevent Huawei technologies from being employed in communication networks across the world. China, meanwhile, accuses the U.S. of using security rationales to squeeze Huawei from international markets because it is hostile to economic competition.

  • The reported move by the U.K., which might ban new Huawei equipment from being used in U.K. networks by the end of the year, follows a gradual toughening of restrictions on Huawei there, though U.K. officials have generally taken a more conciliatory position toward the company than their U.S. counterparts.
  • Unlike the U.S., Australia, and New Zealand, for instance, the U.K. set up a special center, paid for by Huawei but overseen by members of GCHQ, the U.K.'s signals intelligence agency. The facility gives British intelligence officials access to Huawei software and hardware to inspect any unintended — or purposeful — vulnerabilities that might allow China to snoop digitally on other countries' networks.
  • In January, British officials banned Huawei technology from being used in its "core" communications networks, as well as those close to the military, intelligence, and nuclear sites.
  • The new reported restrictions further squeeze Huawei's ability to operate in the country — and are likely tantamount to a total ban.

Go deeper: FCC bars Huawei and ZTE from subsidies, citing national security

Go deeper

Ina Fried, author of Login
Aug 17, 2020 - Technology

The great tech decoupling is here

Illustration: Aïda Amer/Axios

Longstanding threats from both the U.S. and China to claw apart the two countries' interdependent tech economies are finally giving way to reality.

Why it matters: A divorce is going to be messy, with lots of near-term pain on both sides. And the end result may be a diminished, more fractured world compared to the one that existed just a couple of years ago.

Erica Pandey, author of @Work
2 hours ago - Economy & Business

What's really going on with the labor market

Source: YCharts

The labor market is showing some signs of improvement: Jobless claims fell to 730,000 — a dramatic drop from 841,000 the previous week. And the latest jobs report showed a pandemic-era low unemployment rate of 6.3%

But, but, but: That's not the full story, experts say.

Felix Salmon, author of Capital
2 hours ago - Economy & Business

Markets see rare convergence milestone

Expand chart
Data: YCharts; Chart: Axios Visuals

A milestone was reached in the markets Thursday: The yield on the 10-year Treasury note rose to match the dividend yield on the S&P 500

Why it matters: The two yields have been inverted since the beginning of last year, which is historically unusual.