Huawei founder Ren Zhengfei said Monday that the company never expected the US to take such "extreme measures" against it.
"I think both sides will suffer. No one will win", he stated, noting that Huawei's revenue will be $30 billion less than previously forecast over the next two years.
The US Department of Commerce blacklisted Huawei and around 70 of its affiliates in May, banning them from buying equipment from American companies without special government permission to trade.
In response, Huawei has filed a motion for summary judgement in its lawsuit against the US government, asking that authorities declare the 2019 National Defence Authorisation Act (NDAA) against it unconstitutional.
Washington and some of its allies accuse the company of spying by installing "backdoor" access to its gadgets. Last year, the company was banned from participating in government contracts due to security concerns in Australia, Japan and New Zealand.