Huawei's growth may slow under the US restriction, but only slightly, said Ren Zhengfei, the founder and president of Huawei Technologies, in an interview with Japanese media on Saturday.

File photo: IC

Ren added that the company's annual revenue growth may undershoot 20 percent. The compound annual growth rate (CAGR) of the tech giant by sales from 2014 to 2018 was 26 percent.

"We have not done anything which violates the law," said Ren. "We have already been preparing for this." The tech company will continue to develop its own chips even if Qualcomm and other American suppliers would not sell chips to Huawei, Nikkei reported.

In respond to President Trump's executive order that bars US companies from using telecom equipment that may pose "unacceptable risk to the national security," the Chinese commerce ministry said on Thursday the US ban is an abuse of national security and unilateral trade sanctions, and the country will take necessary measures to protect Chinese companies' interests.

Huawei also made a statement, saying that such a move will ultimately hurt the interests of US consumers.

Huawei's chip-making subsidiary Hisilicon earlier said that the supply of most of its products will not be affected by the curb, given its long-term efforts to develop backup products.

As the US attempts to deter Huawei's rise, the tech giant keeps developing its cutting-edge 5G technology with 40 commercial contracts to build and operate the 5G telecommunication infrastructure globally.