For the US in the short-term it's clearly very good.
However, long-term it won't be so good. China will catch the US in semi-conductors. The amount of money they're throwing at it plus the size of their internal market almost guarantees it. They'll catch up quicker than people think. Economic nationalism alone will carry Huawei along until it reaches parity. I think i just read that through their SMIC foundry they've developed a 14nm chip which removes their reliance on TSMC. Clearly behind the others but an important step nonetheless in their semiconductor independence.
There's also the case that Chinese companies will now demand that suppliers to them, through due diligence, will require no material reliance on US parts / software. It sounds unlikely but I bet it's a trend that's happening under the surface for any critical industry. Huawei's phones already contain as little as 1% US parts. Hell, if i'm thinking it, then they are definitely thinking it, and doing it.
The US effort to kill Huawei will backfire and hurt US companies.
But then again this looks like the beginning of China and the US squaring up for a long-term competition.