Huawei’s founder Ren Zhengfei on Tuesday said he 90-day extension in the United States "bears little meaning" and that they are fully prepared to face the storm.

Ren said Huawei's 5G development would not be affected as no other parties would not be able to catch up on its technology in the next two to three years, adding that the U.S. government was underestimating Huawei's capabilities.