Huawei spent about $11 billion previous year buying components from dozens of United States companies, including chips from Qualcomm, as well as software from Microsoft and Google.
"We realized when we reached a certain level there would be competition, but it didn't occur to us the USA government would be so determined to take such extreme measures against Huawei", Ren said during a panel discussion.
But Ren, who compared Huawei to damaged aircraft, added that he expected the company to get back on its previous trajectory by 2021.
The United States has put Huawei on an export blacklist citing national security issues, barring USA suppliers from selling to the world's largest telecommunications equipment maker and No.2 maker of smartphones, without special approval.
While the US government is focused nearly exclusively on Huawei's networking equipment, which it fears could be used for spying purposes by the Chinese government, Huawei's smartphone business is likewise being torpedoed at an awkward time. Ren said during the panel discussion that Huawei will not use its many patents as a "weapon", but did not rule out seeking royalties for usage.
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The ban has forced companies, including Alphabet Inc's Google and British chip designer ARM to limit or cease their relationships with the Chinese company. After flowing past Apple in 2018 by unit sales, Huawei expected to surpass Samsung in late 2018 to become the world's biggest maker of smartphones.
Last month, the US placed Huawei on its "Entity List", which effectively bars American companies from selling components to Huawei without government approval.
In order to mitigate poor global performance, Huawei is set to "grab up to half of China's smartphone market in 2019", Reuters writes. "It's not because we were attacked and the business went badly, and sold it".
USA officials have accused Chinese technology companies such as Huawei of stealing trade secrets and threatening cybersecurity - possibly at the behest of the ruling Communist Party.
The company's current situation "is not caused by American businesses, but rather by certain politicians' different perspectives", Ren said.
"Our president has already said publicly that he would reconsider Huawei if we can make a trade deal".