Huawei's revenue took a 29% hit in 2021 (via The Wall Street Journal), with the company blaming U.S. sanctions for its woes. Once the world's number one smartphone maker, the company has been reeling as a result of bans from the US and its allies. As recently as July 2020, Huawei was the top smartphone maker in the world, according to CNBC. Even then, however, most analysts knew it could not sustain that position, as sanctions were already taking their toll.
Many consumers wondered why the U.S. had banned Huawei, let alone pressured its allies to follow suit. The company offered a wide range of popular phones, from low-end to flagship models. Many of the company's devices featured sleek, modern designs, and Huawei was also a leader in 5G technology. Additionally, the company has a loyal fanbase that would be the envy of many companies. Despite these factors, the reason the U.S. banned Huawei has everything to do with China.