Chinese tech giant Huawei may still be kicked out of U.S. banking system

US President Donald Trump’s administration considered banning Huawei from the American financial system earlier this year, sources told Reuters. That was part of a host of policy options to thwart the blacklisted Chinese firm.

The plan called for placing the world’s second largest smartphone producer on the Treasury Department’s Specially Designated Nationals (SDN) list, sources said. The plan was ultimately shelved.

However, according to one of the people familiar with the matter, the plan could be revived in the coming months depending on how things go with Huawei.

Two of the sources said the plan was considered by the White House National Security Council, and seen by officials as a nuclear option atop a ladder of policy tools to sanction the firm. That would make it virtually impossible for Huawei to complete transactions in US dollars.