Get the facts right
There is, of course, a risk with Huawei. As there is with American equipment. And Europeans are caught in the middle wishing to upset neither party, both of whom are important trade partners.
Which American companies are still making mobile networking gear? And which of those are making it in the US? After the 3G hype the equipment market essentially collapsed with Lucent merging with Alcatel, Siemens with Nokia and production moved almost entirely to China. The shift and consolidation was completed with the 4G rollout with US-only standards like WiMax, CDMA, and iDEN being dropped in favour of LTE, because it was cheaper to buy.
If there is a race to 5G then the Chinese and Koreans have already run it. For years, Huawei has been building small and efficient base stations, and it was the efficiency and design as much as the price that got them sold. The Chinese internet has been largely mobile for longer than the US and, with a much higher popular density, has a far greater need for the bandwidth that 5G promises.
So, there are few real business arguments here, it's clumsy Trump's usualy attempt of leaning on a couple of companies as part of trade negotiations. Just like declaring european-built cars a threat to national security so that they can be given tariffs as part of negotiations over importing US gene-modified produce… But there are real risks associated with the bullying, for the US threatening Huawei is only likely to boost the Chinese chip market so that it is no longer dependent on Intel, Qualcomm or nVidia. Europe is already annoyed over tariffs slapped on it and is getting more so over the Iran deal. Currently the US benefits from its hegemony in world trade and the status of the dollar as the world's reserve currency, but by forcing countries to work around its restrictions, the US is actively undermining its own position.