The Latest: Ren says of US-Huawei fight 'no one will win'

SHENZHEN, China (AP) - The Latest on China's Huawei (all times local):

2:50 p.m.

Huawei's founder says it never occurred to the Chinese technology company that the U.S. government would be so determined to take extreme measures against it.

Ren Zhengfei said Monday, "I think both sides will suffer. No one will win."

He said the company's revenues will be $30 billion less than forecast over the next two years and the company will reduce capacity but that U.S. restrictions "will not stop us."

The U.S. has put Huawei on a blacklist, meaning that American companies that want to sell parts to Huawei will need approval from the U.S. Commerce Department.

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2:45 p.m.

Huawei's founder has likened his company to a badly damaged plane and says revenues will be $30 billion less than forecast over the next two years.

Ren Zhengfei said Monday that the Chinese telecom giant will reduce capacity but that U.S. moves to restrict its business "will not stop us."

The U.S. has put Huawei on a blacklist, meaning that American companies that want to sell parts to Huawei will need approval from the U.S. Commerce Department.