Here's the problem. Lets say the sake of argument Huawei is not guilty of putting spyware in their 5G stuff. How would they prove it? They basically given out there source code, and apart from such slack security features nothing was found, but that was apparently no enough.
Apart from proving a negative there is nothing they can do. I'm not saying that China is not a repressive regime, but to be honest I don't think they have the resources to filter out the juicy bits of the 5G traffic, and have enough on their hands just monitoring their internal massive population without having to take on the US as well. And why should they, since the NSA is already doing such a great job of it already.
The problem is that the great Orange one and is motley collection of right wing hawks are thinking that is what i would do in China's place and getting themselves lathered up in a right wing frenzy where they see reds under every bed.
If China was smart (and they are), what they should do is announce that all Apple phones are banned in China and all Chinese companies are not allowed to do business with Apple, until Apple can prove they do not provide back doors for the US government in their equipment. I wonder what effect a 10% drop in apple share price and all those pension funds that depend on them will have