WIN FOR HUAWEI

The U.S. has reportedly approved license applications for the embattled Chinese telecom company Huawei to purchase chips for its auto component business.

Citing two people familiar with the matter, Reuters reported that the license applications the U.S. accepted are worth hundreds of millions of dollars.

The reported deal marks a significant victory for Huawei, whose business efforts have been stymied by strict restrictions imposed by both the Biden and Trump administrations.

The Trump administration enacted trade restrictions on the sale of chips and other parts used in its network technology and smartphones businesses, according to Reuters.