"I think sometime in the future, China and the USA will have a great trade deal and we look forward to that", Trump said after meeting with Japanese Prime Minister Shinzo Abe. "We're not ready to make a deal".
Ren dismissed the notion that the Huawei ban is a negotiating tactic in US-China trade talks.
The loss of both the software and hardware necessary for the production of smartphones will hurt Huawei's sales outside of China, giving Samsung a window of opportunity to improve its market share.
Meanwhile, the U.S. Trade Representative's office has begun the process for enacting 25 percent on another $300 billion of Chinese imports.
Amidst an ongoing trade war with China, the Trump administration placed Huawei, the Chinese telecommunications equipment and electronics giant, on an "entity list" that severely restricts it from doing business with any American company. When Trump recently indicated that Huawei might be involved in a new trade agreement between the two world powers, Zhengfei got it wrong.
Huawei was dealt a blow last week with Google's decision to partially cut off Huawei devices from its Android OS following a U.S. order banning the sale or transfer of American technology to the firm.
Following the sanctions, major U.S. tech giants such as Google and Microsoft severed ties with the Chinese company.
Huawei founder and CEO Ren Zhengfei talked to Bloomberg about the current status quo the Chinese company is experiencing, with the USA ban and its effects. Foreign companies have also followed suit, including UK-based chip designer ARM, German chipmaker Infineon Technologies, and Japanese parts supplier Toshiba.
The company said as a key global partner of Android, it had worked to develop a robust ecosystem that had been very beneficial to users and the industry, globally.