"This will affect the global economic growth rate, and we greatly depend on it, because if the Chinese economy slows down, the demand for hydrocarbons and other commodities will also slow down. This will hit Russian exports", Akimov said on the sidelines of the annual conference Digital Industry of Industrial Russia that was held from 22-24 May in the Russian high-tech hub Innopolis.
READ MORE: China to Buttress Tech Sector with Subsidies, Tax Write-Offs as Trade War Rages
According to Akimov, the recent situation with Huawei is the result of a technological war between Beijing and Washington, which is going against the background of the countries' trade dispute that started last June. The deputy prime minister said that escalation of the conflict in the technological sphere would affect the global economy and could even lead to the technological fragmentation of the world.
US companies are required to acquire permission to trade with the Chinese firm. As a result, Google had to suspend business operations with Huawei, including the transfer of hardware, software and technical services, except that publicly available via open source licensing.
In June 2018, Trump announced 25 per cent tariffs on $50 billion worth of Chinese imports in a bid to balance the trade deficit. Since then the sides have exchanged several rounds of duties.
READ MORE: Trade War Sees 40 Percent of US Firms Relocate Operations Beyond China — Report
On 10 May, Washington raised tariffs on another $200 billion worth of Chinese goods to 25 per cent due to an impasse in trade talks. Beijing retaliated by announcing tariff hikes of up to 25 per cent on $60 billion worth of US imports starting in June.
