Companies want to continue to do business with Huawei. Whether non-US companies can continue to do so depends on whether they can replace the US tech in their products. It happened long time ago when the US banned US satellites or satellites with US tech to be launced by Chinese rockets. They needed to remove US tech if they want China to launch them. There is news that European companies may want to go down this path as US has become quite unreliable.

TSMC (Taiwan Semiconductor Manufacturing Company) can continue to produce chips for Huawei, as I suppose they don't use any US tech. China does not have their own advanced foundries yet and relies on outside foundaries to fab the chips for them.

Huawei seems to have prepared for this. They have their own ARK OS which is to be released in the beginning of next year. They can also design their own chips and current licences from ARM on ARM-cores can last for a while. IP is related to the technologies. Huawei can still have access to international standards. Huawei has designed their own 5G networks. Given time, I don't think they have problems in coming up with their own technologies.

I hope Huawei will be successful. The US has an excuse to ban Huawei. If they ban other Chinese companies without excuses, it will escalate the tech war. China has the nuclear option, i.e., rare earth elements. After the US noticed that there was some hint that China might use it, it has been quite quiet from the US.