The long game
The PRC generally plays the long game in international relations. President Xi expects to outlast President Trump, even if he wins a second term. There may not be any hard evidence that Huawei equipment contains the specific features needed to spy on whoever employs it, but electronic telecommunications equipment is horrendously complicated, finding carefully concealed features would be next to impossible.
If I were running the attempt to infiltrate the Western telecoms infrastructure, I wold make sure that the first three generations of equipment were completely clean, and only when I had lulled the West into a sense of security would the next generation of equipment include specific spyware or sabotage ware (like the ability to switch off foreign internet services, for example, or control power stations, power grids, traffic light systems etc.).
But as far as trusting the PRC and Huawei right now, don't forget that the PRC still considers the 'return' of Hong Kong under the 'one country two systems' agreement, as extortion dating all the way back to the Opium war. (A reminder, the Opium war was fought so that the UK could sell opium to Chinese people, thereby making the UK wealthy and Chinese people helpless addicts.). Why should they trust 'us' and not try to do to us what we did to them? Not a happy thought, and I don't really have a solution, so I'd appreciate what others think about this. (Hopefully I am wrong an everything is beautiful, really.)