On Friday, US Vice President Mike Pence and the White House's chief financial adviser rejected a proposal by Justice Barry William Barr to buy Chinese Huawei rivals.

Barr said Thursday that the United States and its allies should consider buying a majority stake in Huawei's main rivals Nokia and Ericsson. Barr's idea was to respond to Huawei's leading position as a 5G technology provider.

White House Financial Advisor Larry Kudlow said on Friday that the United States was working closely with Nokia and Ericsson and that corporate hardware was important in building the 5G infrastructure.

"The US government is not involved in buying companies, whether domestic or foreign," Kudlow added.

- Nothing prevents American technology companies from buying them.

Pence suggested an alternative approach when the CNBC channel asked for his response to Barr's proposal. According to Pence, the best way to act is to free up more spectrum for 5G networks.

"This plan has been supported by the president, and we're going to put it into effect," Pence said.

Nokia shares rose 4 percent on Friday and Ericsson 5.4 percent on the New York Stock Exchange.

The combined market value of the companies is approximately EUR 48 billion. It is unclear where the US government could find financing to buy companies or whether the competition authorities would approve the deal.

According to the United States, the Chinese government may use Huawei equipment for espionage. Huawei has denied the allegations.