Huawei's hopes of global domination have been dashed

Britain's decision to ban Huawei from the country's 5G network is a huge blow to the Chinese conglomerate's global ambitions and hopes of leading the next generation of wireless technology.

Despite the US campaign against the company over the last two years, Huawei has managed to grow its 5G business, securing dozens of contracts with telecom carriers, many of them in Europe.

But the United Kingdom's reversal — in the wake of increased US sanctions against the Shenzhen-based firm — is a big loss for Huawei, and could spell more trouble ahead. The company's supply chain has been upended by the latest US restrictions, prompting renewed concerns about the security risks of using its product.

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