Huawei Technologies Co said on Monday that it will do everything in its power to find a solution to the US government's latest restrictions, which will block the Chinese tech giant and its suppliers from using US technologies to design and manufacture semiconductors.

The comments came after the US Department of Commerce issued the rules on Friday, which analysts said marked an escalation of Washington's push to battle with China for global technology dominance.

Huawei said in a statement that it categorically opposes the amendments made by the US Department of Commerce to its foreign direct product rule that target Huawei specifically.

"The US government added Huawei to the Entity List on May 16, 2019 without justification. Since that time, and despite the fact that a number of key industrial and technological elements were made unavailable to us, we have remained committed to complying with all US government rules and regulations. At the same time, we have fulfilled our contractual obligations to customers and suppliers, and have survived and forged ahead against all odds," Huawei said.

According to the company, this new rule will impact the expansion, maintenance, and continuous operations of networks worth hundreds of billions of dollars that Huawei has rolled out in more than 170 countries.

"It will also impact communications services for more than 3 billion people who use Huawei products and services worldwide. To attack a leading company from another country, the US government has intentionally turned its back on the interests of Huawei's customers and consumers. This goes against the US government's claim that it is motivated by network security," Huawei's statement said.

This decision by the US government does not just affect Huawei. It will have a serious impact on a wide number of global industries. In the long run, this will damage trust and collaboration within the global semiconductor industry which many industries depend on, increasing conflict and loss within these industries, the company added.

"The US is leveraging its own technological strengths to crush companies outside its own borders. This will only serve to undermine the trust international companies place in US technology and supply chains. Ultimately, this will harm US interests," Huawei said.

"Huawei is undertaking a comprehensive examination of this new rule. We expect that our business will inevitably be affected. We will try all we can to seek a solution. We hope that our customers and suppliers will continue to stand with us and minimize the impact of this discriminatory rule," the company added.