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Meng Wanzhou, the chief financial officer and deputy chairwoman of Huawei Technologies, was arrested at Vancouver's airport while in transit over the weekend and faces extradition to the United States on unspecified charges.

Image: Meng Wanzhou is a long-serving executive at Huawei and the daughter of the company's founder.

Earlier this year, the United States almost drove Huawei's biggest Chinese rival, ZTE Corp., out of business for selling equipment to North Korea and Iran in violation of USA sanctions.

Huawei, the biggest global supplier of network gear used by phone and internet companies, has been the target of deepening US security concerns.

President Donald Trump, for his part, was reportedly unaware of the plan.

"If the Trump administration were really serious about Iran, that would be the overwhelming priority, and it wouldn't have granted waivers to eight countries allowing them to import Iranian oil", Miller said.

"The company believes the Canadian and USA legal systems will ultimately reach a just conclusion".

Whether Beijing was informed of the arrest before or after the dinner, they did know about it before they issued later statements indicating that trade talks were moving forward, a clear signal that the arrest had not derailed the trade talks.

Evans argued the arrest is just one small part of a broader, longer-term geopolitical story playing out between the US and China, and it is concerning for Canada to be caught in the middle.

In response to a question as to whether Trump knew in advance, national security advisor John Bolton said in an interview with NPR Thursday: "You know, I don't know the answer to that".

David Mulroney, a former Canadian ambassador to China, said U.S. and Canadianbusiness executives could also face reprisals in China. But he called it a judicial matter and said politics had nothing to do it.

"The appropriate authorities took the decisions in this case without any political involvement or interference ... we were advised by them with a few days' notice that this was in the works", Trudeau told reporters in Montreal in televised remarks.

Canadian Justice Department spokesman Ian McLeod says the U.S.is seeking Meng's extradition, but couldn't provide further details about the case because a publication ban is in effect at Meng's request.

Asian stock markets tumbled on the news, fearing renewed U.S.

The yield inversion is a symptom of a weak economy, said Bryan Whalen, group managing director of TCW in Los Angeles, noting the US economy has not been able to achieve sustainable economic growth of more than 2 percent in recent years.

Japan's Nikkei .N225 shed 1.9 percent, closing at its lowest level since October 30, with semi-conductor related shares leading the losses. Wall Street has been down sharply over the past two days of trading, with the Dow losing more than 1200 points.

Ministry spokesman Geng Shuang told reporters Thursday that China was in contact over the case of Meng Wanzhou with both Canada and the USA, which requested her detention on suspicion of trying to evade US curbs on trade with Iran.

China is demanding Canada immediately free a top executive of a giant telecom firm arrested last Saturday on a US warrant. "China tension around geopolitics and techno-nationalism", he said of Meng's arrest. Unlike other big Chinese technology firms, it does much of its business overseas and is a market leader in many countries across Europe, Asia and Africa.

Competitors branded Huawei a cut-rate vendor of copycat equipment, and companies including Cisco Systems and Motorola filed lawsuits over alleged trade secret theft.

How do US authorities arrange arrests in foreign countries? She faces possible extradition to the United States.

It says it operates in more than 170 countries, has 180,000 employees and serves more than a third of the world's population. Australia and New Zealand have also rejected Huawei's products.

A Huawei spokesman declined to comment on Thursday and said that Wednesday's statement still stands. Washington has been pushing other countries not to buy the equipment from Huawei, arguing that the company may be working stealthily for Beijing's spymasters.

The Wall Street Journal reported this year USA authorities are investigating whether Huawei violated sanctions placed on Iran.

Chinese media reported that China will start a national-scale commercial testing of a 5G network next year.

Huawei's biggest Chinese rival, ZTE Corp., was almost driven out of business this year when Washington barred it from buying US technology over exports to North Korea and Iran. ZTE got off with paying a $1 billion fine, changing its board and management and agreeing to let American regulators monitor its operations.