My guess is that most of restrictions on Huawei will be rolled back within a relative short period. However the damage this has done to America's reputation will stand for a long time and will impact some major strategic decisions not only in China but also in Europe.
The extension given to Huawei is due in August 19. My bet is that Huawei will be given another 3 month extension, which will line up with November presidential elections. After the election they will reach an agreement.
