It may help those two firms, but the point isn't to make these two private entities rich it's national (and union) security: Huawei's existing customers - which

It may help those two firms, but the point isn't to make these two private entities rich it's national (and union) security: Huawei's existing customers - which exist in the US, but particularly in the EU - must now rely on a partner that through government fiat suddenly cannot be a reliable partner anymore. Also remarkable is how little power has to do anything about it. If they wanted to ensure continued reliability of existing infrastructure and infrastructure investments they can... try to nationlize huwawei's relevant IP? Nationalize Google's relevant IP? Both are extremely far-fetched, not to mention the fact that it's not just a matter of IP - replicating those companies respective skillsets probably isn't even feasible. The executive order could probably be subverted by passing along whatever info/IP huwawei needs since that info is likely also present in places outside of US reach, but that threatens escalation (and it's possible EU leaders don't trust huawei either, so they might not even want to do that, even if they could). Additionally, the implied suggestion that the EU is somehow better off because there is less competition for EU-headquartered (but not necessarily EU-owned) firms is pretty absurd. Less competition is almost certainly bad for the EU (and the US), regardless of who gets rich, simply becuase there are vastly more and more important users of this network tech than there are sellers. A nepotistic short-term win won't even budge the GDP needle, but reduced innovation in tech might. However little empathy you might have for Huawei's shareholders, the consequences for their clients at the very least bear pause.