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Some lawmakers reportedly want to block Huawei's access to US banks.

A bill sponsored by Sens. Charles Schumer and Tom Cotton is set to be unveiled today and would seek to hobble some of the telecom company's global transactions.

The bill would look to ban U.S. firms' involvement in "significant" transactions with "foreign companies that produce 5G telecommunications technology and engage in industrial espionage," Reuters writes. Because most dollar payments ultimately clear through U.S. financial institutions, that could affect its global business.

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