Huawei founder and CEO Ren Zhengfei said that the Chinese tech giant has been preparing for the US trade ban on the company and will have no problem without American chips.

Huawei's chipset subsidiary HiSilicon said on Friday it will use backup chips it has independently developed for years to cope with the ban. The Donald Trump administration has blacklisted Huawei for posing a national security threat to the United States.