China will do exactly what Russia did and just develop new domestic industry as a response to these sorts of sanctions. That, along with the inevitable loss of Taiwan to China puts America in a desperate position similar to Britain around the time of Suez when the end of their empire became inevitable. The world is changing fast, in 20 years I think the petrodollar will be gone and chip manufacturing will be dominated by China.

There's some good analysis in the comments. The one point that probably plays the most is that Huawei's consumer divisions were long since spun off, and that's where the ban really hits hard. Switching equipment doesn't care what's inside as long as it does it's job.

Fuck those Chink Commie bastards