But don't panic just yet - users of existing Huawei devices will not be affected for now and will still be able to update apps.
Mr Ren said that Huawei would continue to develop its own components to reduce its reliance on external suppliers.
Ren said Huawei and Google are discussing how to respond to the ban, calling the United States firm a "highly responsible company". That compares very favourably with the 1.3 percent drop in revenue from the company's network division.
"Maybe some of our lower end products on the periphery might easily be hurt".
Huawei's founder has warned the USA that it is underestimating his company, as the technology business faces sanctions which block it from buying products from key suppliers.
The company will immediately lose access to updates to Google's Android operating system. "We are discussing emergency relief measures".
Huawei is still prohibited from buying American-made hardware and software.
In Brussels, a senior Huawei European representative lashed out at the actions of the Trump administration and warned that other companies around the world should be anxious, too.
"Now it is happening to Huawei".
Tech expert Geoff Quattromani said the suspension of trade between the two companies may cause problems for Huawei users in the future. The company has a close relationship with the Chinese government, prompting concerns about spying.
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"The Temporary General License grants operators time to make other arrangements and (gives) the Department space to determine the appropriate long term measures for Americans and foreign telecommunications providers that now rely on Huawei equipment for critical services", said Secretary of Commerce Wilbur Ross. Also, the company can also engage in the development of future 5G networks.
The U.S. Department of Commerce on Monday granted a 90-day relief for certain U.S. broadband companies and wireless customers using Huawei equipment.
After the 90-day period, provided there isn't an extension, U.S. companies will not be allowed to engage in trade with Huawei and 68 of its affiliates without permission from Uncle Sam.
At the same time, the US Commerce Department announced the effective ban on American companies selling or transferring US technology to Huawei.
He also touched on European Union concerns about trade wars. In other words, smartphones keep Huawei buoy; cut it away and the remaining Huawei is likely to sink. The country is also Apple's No. 2 market after the United States. But regulators have an array of tools including tax and safety inspections that can hamper a company with no official acknowledgement it is targeted.
John Neuffer, president of the Semiconductor Industry Association, which represents US chipmakers and designers, called on the government to ease Huawei restrictions further.
This will last only until August 19 and it's unclear how Huawei can gain the full license to work with U.S. brands after this timeframe.
Huawei is the second most popular smartphone company in Australia in terms of handset sales this year.