Huawei expects to lose $30B in sales from US ban

Chinese telecommunications giant Huawei on Monday said it expects to lose $30 billion in sales over the next two years after being blacklisted by the U.S.

“We did not expect they would attack us on so many aspects,” CEO Ren Zhengfei said at the company’s headquarters, according to Reuters.

“We cannot get components supply, cannot participate in many international organizations, cannot work closely with many universities, cannot use anything with U.S. components, and cannot even establish connection with networks that use such components.”

Ren added that he expects a revival in business in 2021, the first time a new administration could possibly take control of the White House.

The Department of Commerce blacklisted Huawei in May, a move that barred U.S. firms from working with the company, arguing Huawei’s products pose a national security risk.

Implementation of the ban was delayed by 90 days to give tech companies more time to prepare for the change.