Under the agreement between both countries, the US has 60 days to provide a formal request for extradition and supporting documentation.In addition to serving as CFO, she is also the deputy chairwoman of the company's board. Given her high-profile position in one of China's most respected companies -- it's often referred to as a national champion thanks to its presence on the global stage -- the move will add a wrinkle to the ongoing trade talks between President Donald Trump and Chinese President Xi Jinping.In response to Meng being detained, several Chinese companies and business groups have reportedly called for employees to support Huawei by boycotting US products. Some organizations have even threatened to punish staff members caught with Apple devices, according to CNN.

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The charges of selling equipment to Iran are serious. In May, the US Commerce Department leveled a ban against fellow Chinese telecom equipment provider ZTE for failing to follow through on a settlement made with the US for selling equipment to Iran and North Korea. The ban, which prevented ZTE from buying services and hardware from US companies, including key portions of Android, such as the Google Play store, caused the company to shut down its major operating activities until Trump intervened and pushed for another settlement.The arrest is the culmination of years of suspicion cast upon Huawei by US intelligence officials -- often for unclear reasons. The catalyst for concerns lies with Ren, who was a technologist with the Chinese military before retiring and starting Huawei.

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In 2012, a House Intelligence Committee report detailed concerns that both Huawei and ZTE, a fellow Chinese vendor, pose a threat to national security. US companies were banned from buying Huawei equipment. At the time, the report said the concerns didn't extend to the consumer phone business.But in February, the heads of the FBI, CIA and NSA all expressed their concerns about the risks that Huawei and ZTE posed, and specifically mentioned phones. Huawei spent years attempting to break into the US market by selling directly to consumers -- with little success. While the company got its start making budget phones, it quickly ramped up its research and development chops and cranked out more and more sophisticated handsets.