Trade war to hit revenues, may fall short by $30 billion: Huawei founder

Huawei's founder likened his company to a badly damaged plane Monday and said revenues will be $30 billion less than forecast over the next two years.

The Chinese telecom giant will reduce capacity but US moves to restrict its business "will not stop us," Ren Zhengfei said on a panel at company headquarters.

The US has put Huawei on a blacklist, meaning that American companies that want to sell parts to Huawei will need approval from the US Commerce Department.

Ren said it never occurred to Huawei that the American government would be so determined to take such a wide range of what he called extreme measures against the company.

"I think both sides will suffer," he said. "No one will win.