In February, he said the company was targeting Dollars 125 billion in 2019.
"I think both sides will suffer", he said. The Trump administration delivered a huge blow on May 16, when it added Huawei to a blacklist that bars United States companies from selling it technology without first obtaining a USA government license.
Since then, the US, Australia and New Zealand, has barred local firms from using Huawei to provide the technology for their 5G networks.
This isn't about helping Huawei.
The company's current situation "is not caused by American businesses, but rather by certain politicians' different perspectives", Ren said. On May 21, it granted Huawei a license to buy USA goods until August 19.
Huawei is bracing itself for impact as the effects of its United States ban look to kick in on its financial results.
Ren made the remark when having a dialogue with US futurist George Gilder and Nicholas Negroponte, co-founder of Massachusetts Institute of Technology's Media Lab, at Huawei's headquarters in Shenzhen.
Huawei has said its work does not pose any threats and that it is independent from the Chinese government.
A Commerce Department rep said it "routinely responds to inquiries from companies regarding the scope of regulatory requirements", and that these discussions do not "influence law enforcement actions".
Intel, Xilinx and Qualcomm declined to comment. Huawei must mostly be hoping that uninformed consumers will pick up its smartphones, unaware of all the turmoil the company is going through.
Huawei never thought the U.S. would be so strongly determined to suppress it, and the media coverage of this has been quite extensive, Ren said.
China watchers say US suppliers are essentially trying to thread the needle - not wanting to be seen as aiding an alleged spy, thief and sanctions violator, but fearful of losing a good client and encouraging it to develop supplies elsewhere. The group also warned that smartphone sales are to expected to tank 40%. Last year, it laid off five employees at its Washington office, including its vice president of external affairs, and slashed lobbying expenditures, Reuters reported. Now the question is how many more cracks that facade can bear before it falls completely, because as long as Huawei is the preferred scapegoat in the US and China's trade war, things are probably going to get worse before they get any better.
In December, Huawei Chief Financial Officer Meng Wanzhou - Ren's daughter - was arrested in Vancouver at the request of USA authorities.
Unfortunately, as things stand, Huawei is facing a big problem on all fronts and the only way they can get out is to negotiate. "It is in a really bad position in the U.S. Nobody is looking out to do Huawei a favor".
However, Broadcom sent a shockwave through the global chipmaking industry last week when it forecast that the U.S.
In 2018, Huawei's sales went up 19.5% from 2017 to 2018 with revenue of $104.16bn.