If we really think that by banning Huawei we can hurt China's economy, then we are underestimating China.
I think people do not understand the amount of economic factors China is sharing to the world. If China decides to stop exporting all their goods, the world economic will enter a state of recession.
Therefore all this political game is all cards on a table / pieces on the chessboard. US made a move and China makes a move. Until someone blinks first and gives up.