a big chuck of the Huawai's business are coming from the backend services, think about the base stations, big internet servers, networking switching boxes and all infrastructures it installed worldwide. it controls the flow of internet, that's why US is calling Huawei a security risk, and Huawei has done such excellent job, it kicked Cisco's ass all over the world.
Now, all these big networking equipment are using US semiconductors, network processors, switching chips, DFE… all from companies like Broadcom, Intel, etc.… w/o US semiconductors, it can’t sell their equipment.
Huawei has its hi-silicon 海思 division, which is leading the 5G innovation, (which competes with Qualcomm, and was the reason why Trump blocked the merge deal between Broadcom and Qualcomm). But I view these devices are mainly aimed for consumer markets, selling cell phone with its own 5G baseband chip (which is very nice and profitable), possess less a strategic threat than installing all back-end equipment which control the flow traffic using US made components.